TICO Shares Survey Insights

In November, 2024, the Travel Industry Council of Ontario (TICO) engaged a third party research firm to conduct a survey. They polled consumers and industry and published the results this month. The findings can help to guide advisors' business as much as they will help keep TICO moving in the right direction as a valuable resource for advisors and consumers. 

Consumer Findings

Knowing what consumers are thinking regarding trust, consumer protections and the demographics of potential clients can help travel advisors educate and market in a way that appeals to and reassures travellers. The TICO registrant toolkit can help.

Here’s what the survey found:

• When consumers are aware of TICO and the travel consumer protection in place, they are significantly more likely to book with a TICO registered business – 75 percent compared to 43 percent of the general population.
• Ontarians aged 35-44 are the most likely to book with a TICO registered business, followed by those aged 45-54 (41 percent) and 25-34 (39 percent). TICO underscores that understanding these demographics may help you tailor your marketing efforts.
• 69 percent of Ontarians say they trust the travel industry overall. That’s up from 65 percent last year and 55 percent two years ago.
• 63% of Ontarians are satisfied with travel consumer protection regulations. That’s up more than 20 percent (from 41 percent) the prior year.
• 60 percent of Ontarians are concerned about the financial investment of travel now, compared to 47 percent a year ago. This may be a good opportunity to educate clients on different kinds of travel insurance, particularly policies that have a “cancel for any reason” clause.
• Travellers are preparing against uncertainty. Three quarters say they prefer options with flexible change or cancellation policies.

Industry Findings

As an industry organization, TICO also wanted to survey its members. “Hearing directly from registrants allows us to better understand the views and needs of industry and where TICO can make a meaningful difference,” said TICO CEO Richard Smart. “By listening to registrants, we can shape our initiatives to better support the industry, whether that is through service enhancements, new resources or mutual understanding.”

• When the survey was conducted at the end of last year, here’s what people were thinking:
• Registrants felt that consumers remain eager to travel, with niche markets and specialized interests driving demand.
• Social media continues to expand customer bases, creating new opportunities for growth.
• Staffing shortages remain a concern.
• Rising travel costs and the weakened Canadian dollar present ongoing financial challenges.
• Geopolitical issues worldwide continue to impact travel planning and confidence.
• At the time, 40 percent of respondents reported their business was performing better than the previous year, while 37 percent said business remained stable, and 16 percent noted a decline.
• 72 percent of registrants are confident in TICO and 67 percent of registrants are satisfied with TICO. Overall, 72 percent of registrants rate their perception of TICO as excellent or good.
• Approximately 60 percent of registrants have participated in a TICO initiative, such as a webinar or seminar, the AGM, or a roundtable. Of those who participated 80 percent were satisfied or very satisfied with their experience.

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