The Growth and Decline of the Tourism Industry Essay

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The tourism industry in Canada is an important economic driver and it is growing. The domestic tourism went up 3.4% from 2006 to 2007 and the Canadians are responsible for 79% of the total tourism spending. Most Canadians spent their vacation in the province of residence. The international arrivals from other countries, but USA, are also rising. However the arrivals from the USA are declining. The elasticity of demand in the tourism industry is high. Many providers offering the same service and the majority of people are looking for a good deal. The elasticity depends in this field from the point of view. If you are looking for something special or you would like to go for a very unusual vacation then the demand is inelastic. If you don’t mind where to go and when to go, the demand is elastic. The travel agencies offering a wide range of different vacation packages from all inclusive to totally individual vacation. When you just look for a beach vacation and relaxing you have many options or substitutes where to go and therefore the demand is elastic. The demand is inelastic when you are bond to a time frame and looking for a specific destination. The growth or decline of the tourism industry depends on the income of the customers. With increasing income people tend to

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