Taylor Swift performs at the Paris Le Defense Arena as a part of her Eras Tour concert in Paris, Thursday, May 9, 2024. Visitors injected billions of dollars into Toronto's economy last year, a new study finds, but tourists have yet to return to pre-pandemic levels amid signs of slowing growth.
While spending in 2023 slightly surpassed pre-pandemic levels, much of that owes to inflation, said report author Tariq Khan. Even legions of Swifties may not be able to counter the tourism drag caused by inflation and higher interest rates. "These were high-yield travellers," he added. "If you're going to fly 12 hours, you stay long and you do a lot at the destination when you arrive."
Meanwhile, individual business travellers and smaller corporate groups have opted increasingly for video calls over expensive, time-sucking on-site visits.The study found tourism sustained nearly 47,300 jobs directly -- and roughly 20,000 more indirectly -- in Toronto last year, making it all the more essential for operators to tap new markets and expand the sector.
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