Over one in two financial controllers in the tourism sector say they are somewhat not or not confident their company will be able to make debt payments due over the next two years. (TIAC/Nanos)

Financial controllers or accountants in the tourism sector surveyed are more likely to say they are somewhat not confident (25%) or not confident (30%) their company will be able to make debt payments that are due over the next two years than somewhat confident (28%) or confident (11%).

When asked to select the main impediment to service existing debt, financial controllers or accountants most often selected lack of profitability (58%), followed by onerous repayment terms (19%) and the debt burden being too high (15%).

Participants most often ranked more debt forgiveness first (81%) in terms of helping their company’s capacity to service debt, followed by providing a longer time period to repay (12%) and suspend interest for a period of time (2%).

Nanos conducted an online survey of 149 financial controllers and accountants of businesses in the tourism sector, between April 28th and May 12th, 2023.

Participants were recruited from a list gathered during phase I of the research via an open-link survey hosted by Nanos and promoted by TIAC.

The research was commissioned by the Tourism Industry Association of Canada, with the generous support of the Provincial and Territorial Tourism Industry Associations and was conducted by Nanos Research.

To view the full report, click here.