Weak Dollar and Low Gas Prices Make Domestic Vacations Popular This Summer
TORONTO, May 28, 2015 /CNW/ -- With less than one month until the official start to summer, new data released by Travelzoo (NASDAQ: TZOO), a global Internet media company, reveals 82% of Canadians would rather give up hockey than their summer vacations. The survey also revealed 65% of Canadians plan to take a summer vacation – up 10% compared to last year – with more than half planning a domestic vacation. Two factors will keep Canadians closer to home this summer: a weaker dollar and lower gas prices.
Lower gas prices: More than half (53%) of Canadians are opting for drive destinations such as Ontario's cottage country and Prince Edward Island over international destinations like the United States, Cuba and Europe for their summer vacations this year. With gas prices averaging around $1.13 per litre in Ontario – a 16% decrease year-over-year – road trips are much more affordable when compared to an international air ticket.
Weaker Canadian dollar: While some analysts predict the Canadian dollar will strengthen, there still remains a 1USD to 1.24CAD exchange rate making travel to the U.S. 15% more expensive for Canadians compared to last year. A 4-star Miami hotel that costs Americans 109 USD per night will cost Canadians 133 CAD per night.
"Given the long winter and short summer, it's no surprise that many Canadians would give up hockey over a summer vacation," said Lara Barlow, Interim Country Manager for Travelzoo Canada. "That said, this year we expect to see many Canadians vacation closer to home given the lower gas prices and weaker currency."
Travelzoo Deal Experts negotiated more than 100 deals valid for summer travel. To plan your summer getaway, visit www.travelzoo.ca.
About Travelzoo
Travelzoo Inc. is a global Internet media company. With more than 27 million members in North America, Europe, and Asia Pacific and 25 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel, entertainment and local companies. Travelzoo Deal Experts review offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.
Media Contact:
Lara Barlow
Travelzoo, North America
(647) 557-8552
lbarlow@travelzoo.com
SOURCE Travelzoo
