MACRO TRENDS
SITUATION ANALYSIS & KEY INSIGHTS
COVID-19 Pandemic – impacts are global with tourism industry being the hardest hit. Seeing dramatic shifts in types and availability of products and services, and shifts in traveler decision-making, needs and expectations. Travel has changed yet will continue in new ways. Tourism is one of the most resilient industries in the world.
Shifting Demographics / Millennials – population is growing, aging in the traditional markets, millennials( 1980s-2000s) very large generation,- not all single!
Shifting Values / Attitudes- health, environmental sustainability, and ethics values are more prevalent. Gen Z asserts itself as travel’ s next big opportunity.
Mobile Technology- the use of mobile and other technology has exploded, with most travellers now having near-constant access to web enabled devices. Tourism’ s new competitive advantage is‘ Protecting’ – not just‘ Promoting’ the destination.
Sharing Economy – the use of personal or commercial assets as revenue generators and services to tourists such as homes( Airbnb) cars( Uber), Mobi bikes etc. and the‘ localized’ and often lower cost.
COVID 19
Destination Canada has stated that COVID-19 has caused the loss of up to 450,000 jobs and up to $ 62 million in revenue in the tourism sector during the first few months of the pandemic.
While 2019 overall represented the strongest year for tourism in BC, April 2020 data reported:
1. Restaurant Revenues in BC decreased 64 %
2. Hotel Occupancy in BC decreased up to 94 %
3. BC Ferries Passenger Volume decreased 85 %
4. International arrivals to Vancouver International Airport decreased 99 %
“ Tourism is essential to the growth and sustainability of Fernie. Sharing our wonderful valley brings extra money in to provide jobs, more activities and amenities, better trail networks, more restaurants to choose from and so much more, making Fernie not just a wonderful holiday destination, but an awesome place for those of us lucky enough to live here!”
Fernie Business Value of Tourism Survey Response
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