The decline in the value of the Canadian dollar will likely curtail people’s habit of going to the U.S. for one-day shopping trips, but it won’t prevent those Canadians who go south for extended stays to escape winter, according to the TD Bank.
Last year, Canadians spent $2.23 billion in the United States, a figure that has doubled over the past decade. Over that period the Canadian dollar creeped higher in value compared to the American, and products tend to be cheaper in the U.S. So many Canadians live close to the border that it is relatively easy to take a day trip to go shopping.
However the dollar has lost almost 10 per cent of its value over the past few months, making the shopping trips less attractive.
Many people, particular retirees, go south to spend the winter months, Florida being a top destination. Because many of them own property there, the bank says they are unlikely to change their plans. An estimated half million Canadians travel to the U.S. for as long as three to six months every year.
For reasons beyond our control, and for an undetermined period of time, our comment section is now closed. However, our social networks remain open to your contributions.