Source: http://www.cbc.ca/news/business/lower-canadian-dollar-won-t-slow-snowbirds-1.2549090
Article date: Feb 24, 2014
This article is showing how much money Canadians spend in cross border consuming and vacation spending. My article refers to snow birds as the people who migrate south, for all or a period of the winter. The majority of Canadians (80%) are just daily commuters, returning the same day from shopping or business. What was interesting to me is, the amount of money Canadians spent in Florida during 2012; this is the number one snowbird destination. The figure is $4.4 billion, and the "Toronto-Dominion bank says it expects Canadians will take three million
fewer trips to the U.S. this year and next. That's going to bring total
spending down by as much as $4.5 billion, the bank estimates"(CBCNews, 2014). So, if everyone who goes to Florida, could just stay home in Canada we could keep our spending locally. I know it's impossible to implement such a scenario, but it's strange when you see a deficit, and you are able to apply it to a corresponding industry/economy that could make up the difference.
Great job on this article Isaac. I for one agree with you in keeping the money in our country. But at the same time those travelers are entitle and deserves those trips. On the economy note, it would for sure be better for them to stay in Canada and spend their money here.
ReplyDeleteI think that most Canadians who travel to Florida, do so because of the warmer temperatures. It's nice to soak up the sun in the winter time but the article also mentioned that fewer people would be taking day trips, for the savings, because the price of the loonie is down. I usually travel state side on day trips, but I find it's more about having the time to travel as opposed to the value of the loonie. I find the savings are still worth the trip!
ReplyDeleteWow I never knew it was that many Canadians traveling down south, I figured it was a lot. You would think with our dollar being so low, that maybe they would decide to spend their money in Canada, since we are Canadian. I think a big factor also has a lot with what Kelly said as well, people travel to Florida for the winter months, because unless you really love snow or even don't mind it, I'm quiet sure most of us - given that we could afford it - would definitely enjoy soaking it up in the sun! Me for one :)
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