Industry News

11/01/2010 - Businesses in the tourism sector may not have to wait until the Vancouver Olympic Games to see renewed growth, as tourism spending increased by 0.3 percent in real terms in the third quarter, Statistics Canada reported Monday.

This increase in spending marked the first increase in five quarters, putting an end to the longest downturn since the early 1990s, Statistics Canada reported. The sector still has a ways to go before it makes up for that dry spell, however, as tourism spending fell by 3.1 percent over that five-quarter period.

Notably, the growth in spending was largely due to domestic tourists, not international ones. Spending by Canadian tourists in Canada grew by 0.9 percent in the third quarter - reversing four quarters of decline - while spending by international visitors fell by 2.4 percent.

Furthermore, tourism gross domestic product grew by 0.4 percent in the third quarter.

As domestic tourists continue this spending increase - and as international visitors pick up the pace thanks to the upcoming Olympic Games - tourism sector businesses with merchant accounts are encouraged to ensure that their payment processing equipment is secure and up-to-date to accommodate the uptick in spending.