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Economist: Canadian Business Travel may slow
The business travel industry in Canada is bound to feel the effects of the economic slowdown in the US, according to a senior economist from Scotiabank.
That impact could also be felt in the meetings market.
Canada’s business travel industry is expected to continue growing, but at a slower rate compared to recent years, said economist Adrienne Warren.
She said most service sectors are not as exposed to troubles in the US as other parts of the Canadian economy, but travel and tourism will likely be an unfortunate exception.
“We have already seen some pressure from the high Canadian dollar, at least in terms of US travel to Canada,” she said.
“In terms of the travel industry that probably means higher fuel costs, higher air fares,” she said.
“We saw some announcements today from Air Canada and WestJet, passing on higher prices. You can carry it for so long, but eventually these prices will begin to creep into restaurant prices, hotel prices.”
Although she later added that the price of oil might return to the range of US$95/barrel, she said the problem will not go away in the next couple of years. “Get used to it,” she advised.
She made her remarks to more than 225 travel managers and suppliers during a two-day conference sponsored by the National Business Travel Association (NBTA) Canada, reported the organization.
Report by David Wilkening
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