Patriotic shopping spree: Buy Canadian wave wreaks havoc on U.S. businesses as trade tensions escalate; after travel this industry faces Canada's wrath
Data provided by many sectors reveal the increasing footprint of the «Buy Canadian» movement, because of US president Donald Trump's threats of taking over Canada and trade moves, such as the 25% tariff on most Canadian imports, according to The Globe and mail.
From travel agents to distilleries, American companies are already experiencing the impact. Travel agencies claimed that bookings from Canada to the US are plummeting, while Canadian grocery store shoppers prefer more local products, as per the report.
Canadians Cancel Trips to the US
The president of the National Tour Association (NTA), Catherine Prather claimed that US tour operators are seeing an «astronomical» decline in Canadians booking group travel to the United States, reported The Globe and Mail.
According to Prather, Canadian operators and hospitality businesses comprise 7% of NTA’s membership, while many mainly focus their business on tours to the US, as per the report. She claimed, “One of those tour operators has just responded with the latest cancellations – his business will be down 75 per cent this year,” quoted the Globe and Mail.
Live Events
She also mentioned that the exchange rate and uncertainty in trade policies have had a “resounding effect” on Canadians’ travel cancellations, according to the report.
While other tour operators claimed that Trump's threat to make Canada the 51st state is “perhaps even worse,” and in many cases, has been the deciding factor for customers," as quoted by The Globe and Mail.
According to the US Travel Association, even a 10% fall in Canadian visitors can lead to more than $2.1 billion in spending losses and a threat to 14,000 jobs, reported the Globe and Mail.
Sales of Canadian Products Spikes
As
Read on economictimes.indiatimes.com