Although Canada, another key market, has remained relatively buoyant, there are signs of increasing spillover effects from the US  BIS Review 53/2009  1  downturn on that economy. The local tourism industry is therefore currently experiencing a significant downturn, which has negatively affected activity in a number of auxiliary services.
Foreign exchange receipts from tourism are likely to be further impacted by huge discounts offered by hotels to encourage visitor travel. Profits in the industry are likely to be adversely affected, even in circumstances where in some cases occupancy has not been severely impacted.