Destination Canada's Travel Industry Analysis

(2015, Feb 11). 2015 OPERATING BUDGET BRIEFING NOTE Tourism Toronto - Destination Marketing Program. Retrieved from City of Toronto Economic Development and Culture: https://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Briefing%20Notes/BN36%20OP%20EDC%20BU%204.4.17BN%20Hotel%20Tax%20Feb%2012%202015%20final_3FIN.pdf

Change in consumer behavior resulting from the aging population in Canada may affect the number of leisure trips taken

Tourism is an endeavour sought by an individual or a party of individuals, which leads to a movement from one place to another with the idealism of a specific task, to visit a place or several places with the primary purpose of achieving entertainment and increasing knowledge of countries, cultures, and their history. The expression ‘largest industry in the world’ is universally used with mention to tourism, ensuring its recognition as the largest generator of wealth (over 11.7% of the global gross domestic product) and employment (7% of the world’s jobs); this shows that tourism is indeed an important industry that depends on culture and legacy.(Budeanu, 2002) Vancouver is feasibly one of the most prevalent tourist destinations in Canada

All businesses in Canada are bound by laws reflective of the nature of the business. There are laws that protect the consumer, laws that protect the business owner, and laws that protect suppliers. Although many laws are regulatory in nature across the board for all businesses, some are specifically geared to industries. Below I will outline three ways in which the law affects the travel industry in British Columbia, specifically. This will be outlined from the perspective of a travel agency owner.

An upcoming company founded by four Capilano Tourism students, Belle West Vacations Ltd. is a luxurious tour company that provides exclusive and personalized tourism services for welcoming guest. Located in the beautiful and rapidly growing city of Vancouver, British Columbia, guests are to expect high standards and services that go beyond any expectation during their trip. Though the tourism industry in Vancouver is quickly growing, there is a niche, and this is in luxury tour travel across British Columbia. Belle West Vacations Ltd. team has undertaken a significant amount of time to research and guarantee the feasibility of the company. Striving for success, Belle West Vacations Ltd. is equipped to provide

P1- Describe the travel and tourism component industries and provide examples of domestic, inbound and outbound organisations within them.

Canadians have become accustomed to great travel deals in the United States but those deals are no longer worth it with the low CAD, so instead of traveling south, Canadians are traveling locally at an increased rate. Canadians are getting the most out of their dollar by travelling across Canada, and Americans are getting the most out of the low CAD as well. The current exchange rate is $1.00 USD = $1.30 CAD so Canadians traveling south essentially pay 30% more for everything in the states. The Canadian hospitality industry is reaping the benefits of the low CAD, especially in western Canada, with the added business from locals and Americans seeking a deal. The Squamish Adventure Club, a British Columbian tourism hub for information and other attractions, has seen a 68% increase in American visitors over the first 6 months of 2016. There has also been an increase in Canadian tourists who don’t want to pay the automatic 30% mark-up across the border; the number of Canadians has almost doubled in the first half of 2016. The above average number of American tourists and local Canadians is expected to continue to rise throughout the peak tourism season and until the loonie rebounds and gains

Practicing CIA (Covered Interest Arbitrage) by borrowing CAD 96 Million to buy USD on April 1, 2002, and invest the USD for six months. At CAD interest rates of 2.70% for borrowing and 2.55% for depositing, and USD interest rates of 1.85% for borrowing and 1.65% for depositing.

Hendery, J (2013) Attracting & Retaining Tourism Talent: Changing Demographics Impact Labour Supply and Demand. Pp. n.d. Data retrieved from http://attraction.ttracanada.ca/attracting-retaining-tourism-talent-changing-demographics-impact-labour-supply-and-demand/#.UnURw1dg-Pq

The travel and tourism industry is one of the world's largest industries with a global economic contribution in 2016 alone of over 7.6 trillion U.S. dollars (Facts, 2017). Over the past six decades, tourism has experienced continued expansion and diversification to become one of the largest and fastest-growing economic sectors in the world (http://www.e-unwto.org/doi/pdf/10.18111/9789284418145). With this exponential growth, there is a need to harness this potential to benefit all stakeholders involved, from local communities to global corporations. According to Tourism Research Australia (TRA), tourism in 2016 brought in over fifty-three billion dollars into the Australian economy (***fact sheet in Excel). While this represents over three percent of the total GDP of Australia, it is hard to delineate how much of this revenue is attributed to cultural tours and experiences provided by Indigenous Australians. For Indigenous Australians, this new avenue has potential to create job opportunities as well as revenue, but also may contribute to problems brought into effect by the mandating of professional standards. While latent prospects are present, the ability to balance between cultural preservation and mainstream Australia will prove to be a difficult undertaking.

Ever wonder what walking the Great Wall of China would be like? Ever dreamed of feeling the fresh cold air of Canada? What's it like eating baguettes in France next to the Eiffel Tower? Traveling is a popular dream among all of us, and making it a reality is a great learning experiences! I visited Canada in April of 2017, and had a personal emotional attachment to the culture and the whole environment, and the people I traveled with could say the same. Traveling is truly the most exciting part in a person's life because it makes their dreams of meeting different cultures a reality and gives them perspectives of seeing the world differently.

These beauties contribute greatly to the tourism sector. Natural tourist places in Canada include the Niagara Falls, which attracts 30 million people yearly (“Niagara Falls Top 10 Facts”), the Bay of Fundy, its provincial parks, Ellesmere Island, the Canadian Rockies, Cathedral Grove and many more (Reid). These active tourist places are what keep the tourism sector running and helped support more than 170,000 tourism businesses in 2014 (Canadian Tourism Commission). Canada’s limitless natural beauties attract as mentioned, millions of people. Specifically, tourism is the activity of people travelling as well as staying outside of their usual surroundings for reasons such as business or leisure for less than one consecutive year.

The MGM attracts five types of customers; recognition seekers, escapist, reward seekers, socializers, and professionals. Escapist seek a getaway to entertainment sections and resorts located in different areas. The reward seekers are driven to visit the business due to their vested interest in rewards that casinos tend to offer. Socializers require a form of engagement where they get to meet different people as a form of distraction out of the ordinary way of life. Professionals make a living out of casinos and pay close attention to what a casino offers.

Porter’s five forces analysis is a tool is useful for us to analyse the threat of competition in an industry. Porter believed that the industries were influenced by five forces; competitive rivalry, threat of new entrants, bargaining power of suppliers, bargaining power of buyers, and the threat of substitutes. Analysing these areas can allow you to see attractiveness of the market and find a competitive advantage.

Tourism is one of the fastest growing industries in the World. According to Merriam-Webster tourism is defined as “the commercial organization and operation of vacations and visits to places of interest”. It’s easy to understand why tourism is such a big industry in the world today. People love to go explore the world, go on vacation, visit family, etc. none of this would be possible without the tourism industry. With the United States being one of the largest countries in the world it is no surprise that they also have one of the largest and most successful tourism industries in the world. As tourism continues to grow travelers have started to realize how easy it is to set up business trips, vacations, study abroad trips, etc. With the United States having one of the largest economies in the world as well as being the business capital of the world, people are forced to travel to America all the time. Tourism is a very profitable industry in America and will only continue to keep growing in the future. Tourism has begun to grown drastically in the past couple years, this is most likely because of the advancements made in technology, as well as the growth in usage of social media and advertisements. Many states in America actually use media to attract people to come visit their destinations. This makes since with how rapidly growing social media usage is, the Internet is probably one of the best places to advertise today. Tourism is an industry that will never