Analytical Report on a Current Tourism Trend

Description

the topic you can choose from is 1.How tourism destinations are dealing with increasing incidents of extreme weather and 2.Virtual Reality (VR) and Artificial Intelligence – new technology for hotels and tour operatorsand i will also send you an example The first identifies significant trends currently impacting or destined to impact the travel, tourism and hospitality industries. The Grading Sheet breaks down the 25 marks for this assignment. You may work independently or with a partner (2 people max). Choose a tourism-related trend for your minimum 1,500-word report. I will consider ideas not listed in the handout, but they must be approved by me before you start work on your paper (as I want you to be successful). Also, you must choose a different topic and write your report for a different real-world employer than you used in your proposal. Name that employer on your title page, including their job title and name of their organization, and identify him/her/them in your Executive Summary. Assume you are currently employed in the travel, tourism or hospitality sector here in Vancouver, B.C., and you have been asked by your chosen employer to write a report about an important trend or issue. Your place of employment is entirely up to you, but it must be an existing, real-world organization or business. Your employer needs to know three things: What is the trend? How will it impact his/her/their business, positively and negatively? What actions, precautions, long-term planning or other decisions should they consider as a response to this trend? In other words, what should your chosen company or organization do next to either prepare for this trend, capitalize on it, or lessen its negative impacts? This is the analysis part of your Analytical Report. Do not choose a trend or issue that your employer has already adopted or responded to. You must reference in your report, using APA 7 style, at least four sources of information such as a book, an academic journal article, a magazine or newspaper story, a podcast, or an interview you conducted with someone in the tourism industry about this trend (min. 1/4 sources must be scholarly, others must be credible). See pages 267 to 278 of your “Writing Reports” reading, for advice on how to structure your report. This assignment must consist of: Title Page (1 page on its own) Table of Contents (1 page on its own) Executive Summary (1 page on its own) Background or Introduction Methodology Findings Conclusions & Recommendations References in APA style (1 page on its own) Your report must be single-spaced, in Arial or Times Roman 11 or 12 point, with one-inch margins on all sides. It must be at least 1,500 words in length (longer is ok!), excluding the Title Page, Table of Contents, and References.

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Grading Sheet for Analytical Report
Executive Summary: Clearly states
purpose of report, and for whom
you are writing it (name and job
title of someone at a real-world
organization); mentions sources
used; summarizes findings and
recommendations.
2 points
Write it last; use entire sentences from elsewhere in your report
Should fit on 1 pg.
Include at least 1 recommendation
Ask a friend to read it; can he/she tell you what your report is about
based on the summary only?
Table of Contents: correctly
formatted, with front matter in
Roman numerals. Introduction
onwards uses regular page
numbering.
1 point
See example. Do not place a page # on title page. The first page after
your title page is your Table of Contents, which should be numbered as ii.
The next page is your Executive Summary, which should be numbered as
iii. Then start regular page numbers (1, 2, 3) on the Introduction page.
Need help?
See the article posted on eLearn: Numbering Front Matter
Introduction: Provides context for
trend to be discussed, defines
terms, states limitations of report.
3 points
Define your trend – what is it? What terminology is used to describe it?
Where and when did the trend emerge? What aspects of the trend are
you focusing on in this report and why?
Methodology: Explain how you
used multiple, varied sources of
information to write your report.
Describe your research challenges.
2 points
If it’s on your References page, describe it here. Include the author’s
name, title of article, year published, and what you used the source for
(facts, stats, general background information; alternative view of a
trend). If you interviewed someone, introduce him/her here. If you
struggled to find sources, describe that here.
Findings: At least three key points
developed and supported by facts,
data or statistics.
6 points
In-text citations for all facts unless they’re common knowledge. What
others have said about your trend. Examples of where trend is currently
seen.
Negatives/positives of trend. NOT your opinions
Conclusion & Recommendations:
Demonstrates good analysis of
findings; evidence of critical
thinking about this trend and how
chosen organization should
respond to the trend.
Recommendations are specific,
reasonable and well described.
4 points
NOW, you can give your opinion. Use conclusion to tell reader whether
this is a worthwhile trend to adopt, take advantage of, or respond to in
some way. Use recommendations to give sound, practical advice to the
employer for whom you are writing the report. What are the next steps?
References page: Written in APA
“hanging” style, in alphabetical
order by author. Variety of sources
used (at least four).
2 points
See Student Example and helpful APA Style charts on course
Writing Style: Correct grammar,
punctuation, spelling, word choice,
sentence variety, syntax, transitions
between ideas (paragraphs flow
logically)
5 points
Proofread to avoid typos and obvious spelling mistakes. Don’t repeat
words/phrases. Use signposts, and deliberate language, i.e., “There are
three important points to make about this trend. The first one is…”
TOTAL
25 points
/25
Ideas for Analytical Report
Below is a list of travel, tourism, hospitality and outdoor recreation trends you might consider
writing about in your Analytical Report. Choose an industry trend that interests you or research
your own (please ask instructor to approve your idea). Then think of a tourism-related company
or organization that would like to know more about this trend. You must identify on your title
page a real person at that organization who would receive this report.
For example, you might write your report on what’s new in cultural tourism for a First Nations
community on Vancouver Island. You might write about the latest in yurts for a Destination
Management Organization (DMO) somewhere in B.C. A luxury hotel chain would be intrigued by
the divorce tourism idea. A small tour operator in Whistler would be interested in how to
leverage Instagram to market his/her business. Not sure for whom you should write your report?
Talk to your instructor.
Sports tourism
Yurts and other unique forms of accommodation (treehouses, retired ships or aircraft,
lighthouses, “glamping”)
Cybersecurity for guests at hotels and attractions
Underwater tourism
Mountain biking tourism
Social media for smaller hotel properties
The impact of the sharing economy on hotels
Unique hotels (in interior design, architecture, or location)
Incorporating digital device-friendly public spaces and communal seating/eating/working spaces
into hotels
Divorce tourism
How tourism destinations are dealing with increasing incidents of extreme weather
Developing homestays in small communities
Culturally immersive tourism
Eco-tourism: how ski lodges in B.C. can benefit
Solo travellers
Clean energy for remote inns and lodges
Brand-loyal, tech-savvy, bargain-hunting millennials: how to appeal to this demographic
Korean/Brazilian/Indian/Chinese international students in Vancouver: how can local tour
operators market to them?
Dive tourism in B.C.
Green luxury hotels: an oxymoron?
Alpine coasters for B.C. ski resorts: how to attract off-season visitors
Voluntourism
Ghetto tourism or “Poorism”
Building better mountain bike trails: can they be good for riders and the environment?
Cannabis, New Age, Culinary or Agri-tourism
Turning provincial or federal parks into pay-per-use attractions
Smart hotels
Virtual Reality (VR) and Artificial Intelligence – new technology for hotels and tour operators
Socially distant tourism; how hotels and attractions adapted to COVID-19 and what healthrelated precautions do they need to adopt moving forward to ensure client confidence?
a)
b)
c)
d)
e)
f)
g)
You need at least 4 sources of information, and they must each be cited at least once
Your sources can be primary and secondary, or all secondary.
Primary sources (such as interview you conduct with someone) are NOT listed on your
References page, but they will count towards your 4 sources. All sources must be
mentioned in the Methodology section of your report and cited correctly in the body of
your report.
Use more than one search engine or database
Vary your keywords
Use your research to help you define and describe the trend in your report. Include some
basic facts, figures, and statistics about your trend.
Find out how other organizations in your tourism sector have responded to your chosen
trend; you can use/adapt these ideas in your Recommendations.
Research Sources
Reports from Destination BC:
https://www.destinationbc.ca/research-insights/type/market-research/
Find academic articles at The Annals of Tourism Research (ask CapU library for help):
https://www.journals.elsevier.com/annals-of-tourism-research
Google Scholar http://scholar.google.ca/schhp?hl=en&tab=ws
The New York Times http://query.nytimes.com/search/sitesearch
Watch an expert’s presentation (or just read the transcript!) http://www.ted.com/
More search engines
http://www.sciencedirect.com/
http://ca.search.yahoo.com/web/advanced?ei=UTF-8&fr=yfp-t-715&p=
http://www.magportal.com/
https://www.ecosia.org/?c=en
Analytical Report on a Current Tourism Trend
The first identifies significant trends currently impacting or destined to impact the travel, tourism
and hospitality industries. The Grading Sheet breaks down the 25 marks for this assignment.
You may work independently or with a partner (2 people max).
Choose a tourism-related trend for your minimum 1,500-word report. I will consider ideas not
listed in the handout, but they must be approved by me before you start work on your paper (as
I want you to be successful). Also, you must choose a different topic and write your report for a
different real-world employer than you used in your proposal. Name that employer on your title
page, including their job title and name of their organization, and identify him/her/them in your
Executive Summary.
Assume you are currently employed in the travel, tourism or hospitality sector here in
Vancouver, B.C., and you have been asked by your chosen employer to write a report about an
important trend or issue. Your place of employment is entirely up to you, but it must be an
existing, real-world organization or business. Your employer needs to know three things: What
is the trend? How will it impact his/her/their business, positively and negatively? What actions,
precautions, long-term planning or other decisions should they consider as a response to this
trend? In other words, what should your chosen company or organization do next to either
prepare for this trend, capitalize on it, or lessen its negative impacts? This is the analysis
part of your Analytical Report. Do not choose a trend or issue that your employer has already
adopted or responded to.
You must reference in your report, using APA 7 style, at least four sources of information such
as a book, an academic journal article, a magazine or newspaper story, a podcast, or an
interview you conducted with someone in the tourism industry about this trend (min. 1/4 sources
must be scholarly, others must be credible). See pages 267 to 278 of your “Writing Reports”
reading, for advice on how to structure your report. This assignment must consist of:
Title Page
Table of Contents
Executive Summary
Background or Introduction
Methodology
Findings
Conclusions & Recommendations
References in APA style
(1 page on its own)
(1 page on its own)
(1 page on its own)
(1 page on its own)
Your report must be single-spaced, in Arial or Times Roman 11 or 12 point, with one-inch
margins on all sides. It must be at least 1,500 words in length (longer is ok!), excluding the Title
Page, Table of Contents, and References.
Marijuana Tourism
Analytical Report
By: Annie Student
For: Stuart Coventry, Westcoast Sightseeing General Manager
Table of Contents
Table of Contents …………………………………………………………………………………………………… 2
Executive Summary ………………………………………………………………………………………………… 3
Introduction ………………………………………………………………………………………………………….. 1
Methodology ………………………………………………………………………………………………………… 1
News Articles ………………………………………………………………………………………………………………………….. 1
Reports ………………………………………………………………………………………………………………………………….. 2
Academic Articles ……………………………………………………………………………………………………………………. 2
Findings ……………………………………………………………………………………………………………….. 2
Positive Economic Impact…………………………………………………………………………………………………………. 2
High Number of Marijuana Consumers………………………………………………………………………………………. 2
Subsided Excitement, Increased Competition ……………………………………………………………………………… 3
Legalization in the United States Versus Canada………………………………………………………………………….. 3
Millennial Marijuana Consumption ……………………………………………………………………………………………. 3
National Support …………………………………………………………………………………………………………………….. 4
Lack of Research ……………………………………………………………………………………………………………………… 4
Conclusion & Recommendations ………………………………………………………………………………. 4
Approach Marijuana Tourism Cautiously ……………………………………………………………………………………. 4
Marijuana-related Policies in the Workplace ………………………………………………………………………………. 5
Work with the Provincial Government ……………………………………………………………………………………….. 5
References ……………………………………………………………………………………………………………. 6
ii
Executive Summary
The following document is a report analyzing the business viability of the marijuana tourism
trend, and whether it is worthwhile to take advantage of the opportunity once marijuana is
legalized in Canada. The report was written for the purposes of Stuart Coventry, General
Manager of Westcoast Sightseeing.
All research was secondary and conducted online. Sources used in the report include five news
articles, three reports, and one academic article. These sources were used to determine the
positive and negative impacts of marijuana tourism, as well as recreational marijuana statistics,
and Canadian market background information.
Marijuana tourism and been a growing opportunity for North American businesses since
marijuana first started being legalized in 2012. This trend provides positive economic potential
for tour operators and the tourism industry in general, especially since a significant percentage
of Canadians and Americans consume marijuana. However, there are also threats and
challenges to marijuana tourism, including increased legalization across North America,
differences in Canadian regulations compared to the US, divided national support, and a lack of
research regarding marijuana and tourism combined.
Based on the findings, marijuana tourism is definitely an opportunity that Westcoast
Sightseeing can use to their advantage once legalized. However, Westcoast will need to address
certain issues before taking action. One recommendation is to take a cautious approach by
conducting additional research and tracking national support for marijuana tourism. Other
recommendations include implementing workplace policies surrounding marijuana, and
working with the provincial government to ensure bills passed are in the best interests of tour
operators. Once these are considered, Westcoast Sightseeing can also look into creating
partnerships with local greenhouses and dispensaries if the company decides to pursue this
opportunity.
iii
Introduction
Marijuana tourism and been a growing opportunity for North American businesses since
marijuana first started being legalized in 2012. Washington and particularly Colorado have
greatly benefited from the legalization through increased visitation and tourist spending. Since
2012, other states such as California, Oregon, and Nevada have legalized marijuana as well, and
Canada will soon be the first G7 country to legalize it across the entire country, which could
have significantly positive impacts. Despite this, some reports note that marijuana tourism may
not be as significant an opportunity as originally thought, which will be explored further in the
‘Findings’ section of this report. The marijuana tourism trend is defined as tourism motivated by
the consumption of legal recreational marijuana at a specific destination. The parameters of
marijuana tourism, however, can vary by location, because many states, and soon to be
provinces and territories, will have their own rules regarding the consumption of marijuana in
public.
The following report will be limited due to the fact that marijuana consumption in Canada is
currently illegal; therefore, examples and data will mostly be extracted from United States
sources as well as reports that outline the potential of recreational marijuana in Canada. There
is still much to learn about the industry, which means readers should take this report into
consideration, but may need to wait to take action until there is further research conducted in
the field. The main aspects regarding marijuana tourism included in this report are its positive
potential for tour operators like Westcoast Sightseeing, as well as certain threats and drawbacks
to marijuana tourism for the tourism industry.
Methodology
All sources used for the report were secondary and retrieved online, three of which were
reports, one academic article, and five news articles. The only challenge in finding information
was within Capilano University academic databases, as many of the journals were not
accessible, or only provided the abstract.
News Articles
Three of the news articles were written by Jason Blevins of the Denver Post, two in 2016 and
one in 2017. These sources were used for statistics regarding the impacts of marijuana tourism
industry in Colorado. Another news article was from the Denver Business Journal, written by Ed
Sealover in 2017. This source was also used for additional information on Colorado tourism. The
fifth news article was from CBC News by Amara McLaughlin, written in November of 2017,
regarding a bill Ontario passed in anticipation of marijuana legalization. This source was found in
search of potential challenges in marijuana tourism.
1
Reports
Two reports were used to find background information on Canadian tourism statistics, such as
key markets and visitor spending in Canada. One was a Destination Canada report on the
market background of the United States, updated in 2017; the second was a 2016 annual
tourism report by the Tourism Industry Association of Canada (TIAC). The third report by
Deloitte in 2016 provided detailed statistics regarding economic impact, consumption
demographics, regulations, and national support of legalizing recreational marijuana.
Academic Articles
The academic article used in the report, titled “From Forbidden Fruit to the Goose That Lays
Golden Eggs: Marijuana Tourism in Colorado,” was found online in SAGE Open, and was
published in 2016 by Soo K. Kang, Joseph O’Leary, and Jeffrey Miller. This source was used for
generic information about marijuana tourism in Colorado and its challenges.
Findings
The following section will describe the key findings regarding the trend of marijuana tourism.
Positive Economic Impact
The legalization of marijuana has the potential to create a significant economic impact, including
in tourism, for Canada. According to the 2016 Deloitte report on recreational marijuana,
Canadians can expect a $22.6 billion boost to the economy, which will stem from factors
including marijuana sales, production, taxes, and tourism revenue. Looking at other
destinations, Colorado has shown evidence of benefiting from the marijuana tourism, having
hosted a record number of visitors for the fifth straight year in 2015 and experienced record
visitor spending of $19.1 billion (Blevins, 2016). Though this could be attributed to other factors,
there is a reasonable correlation between when marijuana was legalized in 2012 and when
visitation and spending began to rise. Based on these numbers, Canadian tour operators such as
Westcoast Sightseeing could benefit economically by building a product that involves consuming
marijuana, just like there are tours with breweries.
High Number of Marijuana Consumers
The impact of marijuana tourism would not be so significant unless there was a significant
demand for marijuana in general. According to the Deloitte study, 22% of the current Canadian
adult population consumes marijuana, while 17% are potential consumers, meaning the people
surveyed indicated that they would consider trying it once legal (2016). This makes up almost
40% of the Canadian population that could be targeted for marijuana tourism; the fact that
domestic travel attributes to the highest visitor spending in Canada indicates that marijuana
tourism could be a worthwhile opportunity (TIAC, 2016). Furthermore, in the United States,
which is Canada’s largest international market, marijuana is the third most popular recreational
drug aside from alcohol and tobacco (Kang, O’Leary & Miller, 2016). Having generated 48% of
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Canada’s international visitor spending in 2016 (Destination Canada, 2017), the popularity of
marijuana in the US also poses an opportunity for Canadian tour operators.
Subsided Excitement, Increased Competition
Despite the potential of marijuana tourism in Canada, there are some drawbacks, which means
it may not be as significant an opportunity as anticipated. For one, Colorado has already seen a
drop in marijuana-focused visitors. A Colorado Tourism Office report noted that in 2014, 7% of
Colorado visitors said that marijuana was their top reason for their trip, whereas in 2015, the
number shrank to 4% (Blevins, 2017). In 2016, visitor demographics returned to their previous
patterns. This suggests that the initial excitement of marijuana legalization has already subsided.
Another Colorado Tourism Study noted that only 4% of travelers positively influenced by the
legalization actually participated in marijuana-related activities (Blevins, 2016), which suggests
that marijuana tourism is not actually making as significant an impact. Furthermore, the
Colorado Tourism Office has also recently chosen to focus its marketing initiatives on wealthier
tourists, and less so on lower-spending marijuana-related travelers (Sealover, 2017).
Increasing competition among other states is likely a factor, since other states are now legalizing
the drug. This poses a threat to the Canadian marijuana tourism industry, because, unless
Canada can position itself as unique in terms of marijuana, its US market may choose to
purchase it in the United States instead of Canada. Furthermore, once the majority of
destinations in North America legalize marijuana, Canada will no longer have a unique selling
proposition when it comes to marijuana tourism. This means the boom in potential marijuana
tourism revenue may be short-lived.
Legalization in the United States Versus Canada
Another drawback for Canadian tour operators is that the regulations in Canada will not be as
liberal compared to Colorado in terms of product variety, freedom, and marketing approaches
(Deloitte, 2016). Provinces will also be able to implement additional regulations, so tour
operators in certain provinces will have more difficulty operating tours depending on the
regulations. For example, Ontario recently implemented a bill that makes it illegal to consume
marijuana outside of private residences (McLaughlin, 2017). There have been no such bills in
British Columbia, but this could change in the months before or after legalization.
Millennial Marijuana Consumption
Tour operators must also consider the impact legalizing marijuana will have on their staff.
According to Deloitte (2016), Millennials are the largest segment of marijuana consumers, and
also happen to be a significant portion of the workforce. This could pose a threat to a higher
number of Millennials being under the influence while on the job. Because marijuana is a newer
concept compared to alcohol, there are significantly fewer marketing efforts warning the
impacts of marijuana like there are with drunk driving, so awareness of its effects is likely lower.
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National Support
Another important consideration is the level of national support for legalization of marijuana in
Canada. Deloitte (2016) notes that 45% of Canadians oppose the legalization of marijuana,
whereas 15% neither support nor oppose it. The fact that many Canadians are still against or
uninformed about marijuana could cause difficulties for tour operators. In a Colorado study,
23% of travelers were positively influenced in their decision to travel by the legalization of
marijuana (Blevins, 2016); however, 14% of travelers were negatively influenced, which means
that marijuana also has negative impacts to tourism, which can negatively impact tour
operators. Furthermore, some travelers who still choose to travel despite being negatively
influenced may choose not to endorse companies that offer marijuana-related tours, so on a
public relations level, tour operators can also be affected. Despite this, British Columbia has the
highest favourability rating for marijuana compared to other provinces, so BC tour operators
such as Westcoast Sightseeing would not need to worry as much about pushback from the
community.
Lack of Research
A final key finding is that there is a shortage of adequate research when it comes to marijuana
and tourism. According to Kang, O’Leary, and Miller (2016), much of the existing research on
marijuana is “narrowly focused and constructed around concepts of either addiction or
deviance due to its inherent negative social connotations.” Secondly, many of the studies
surrounding drug tourism, including marijuana, have been conducted in non-Western
geographic locations that have more relaxed outlooks on drug use, and have been limited to a
younger age group (Kang, O’Leary & Miller, 2016).
Conclusion & Recommendations
Based on the findings, marijuana tourism is definitely still an opportunity that Westcoast
Sightseeing can take advantage of once legalized; however, due to increased competition,
subsided excitement, millennial marijuana usage, and national support, the opportunity may
not be as significant as it was, say, for Colorado in the initial stages. Westcoast will need to look
into the opportunity further to see if it is viable in the long-term. The following
recommendations are the necessary next steps before taking advantage of marijuana tourism.
Once these are considered, Westcoast Sightseeing can also look into creating partnerships with
local greenhouses and dispensaries if the company decides to pursue this opportunity.
Approach Marijuana Tourism Cautiously
Westcoast Sightseeing needs to be cautious, as there is still much uncertainty of how marijuana
tourism will take shape in Canada. Partly because there is not enough applicable research,
Westcoast should conduct additional research to see whether the industry has long-term
benefits for the business. Secondly, Westcoast will need to track the acceptance of marijuana by
Canadians as to enter the market without pushback from the community. Once more research is
4
available and acceptance is more favourable, Westcoast can then determine if the market is
growing, and therefore a viable and actionable business opportunity.
Marijuana-related Policies in the Workplace
Because Westcoast Sightseeing primarily hires Millennials, the company could be impacted by
the threat of increased marijuana usage by its employees. Therefore, Westcoast should
implement policies that prohibit employees from being under the influence of marijuana while
on the job. Consequences would be parallel with that of alcohol.
Work with the Provincial Government
Once the previous recommendations have been addressed, and Westcoast Sightseeing has
made a decision to act upon the marijuana tourism trend, the company should start working
with the provincial government. This means lobbying and negotiating with the government
when it comes to laws about marijuana in British Columbia in order to avoid bills such as the
one in Ontario, mentioned above. If Westcoast Sightseeing is interested in marijuana tourism,
the company will need to connect with the government to ensure regulations remain favourable
for tour operators.
5
References
Blevins, J. (2016, July 20). Colorado breaks tourism record with 77.7 million visitors spending
$19.1 billion. Retrieved December 5, 2017, from

Colorado breaks tourism record with 77.7 million visitors spending $19.1 billion


Blevins, J. (2016, October 2). Only 4% of Colorado tourists came for the legal weed in 2015,
survey says. Retrieved December 5, 2017, from

Only 4% of Colorado tourists came for the legal weed in 2015, survey says


Blevins, J. (2017, January 25). Fewer travelers came to Colorado in 2016, tourism office cites
waning interest in legal weed. Retrieved December 5, 2017, from

Fewer travelers came to Colorado in 2016, tourism office cites waning interest in legal weed


Deloitte. (2016). Recreational Marijuana: Insights and opportunities. Retrieved December 5,
2017, from
https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/Analytics/caenanalytics-DELOITTE%20Recreational%20Marijuana%20POV%20%20ENGLISH%20FINAL_AODA.pdf
Destination Canada. (2017). United States. Retrieved December 5, 2017, from
https://www.destinationcanada.com/en/markets/united-states
Kang, S. K., O’Leary, J., & Miller, J. (2016). From Forbidden Fruit to the Goose That Lays Golden
Eggs. SAGE Open, 6(4), 215824401667921. doi:10.1177/2158244016679213
McLaughlin, A. (2017, November 1). Ontario cracks down on illegal marijuana shops in new
legislation for sale, distribution. Retrieved December 5, 2017, from
http://www.cbc.ca/news/canada/toronto/ontario-marijuana-legislation-introduction1.4381566
Sealover, E. (2017, January 25). Colorado tourism booms with more wealthy visitors, fewer
potfocused travelers. Retrieved December 5, 2017, from
https://www.bizjournals.com/denver/news/2017/01/25/colorado-tourism-boomswithmore-wealthy-visitors.html
Tourism Industry Association of Canada. (2016). 2016 Annual Report on Canadian Tourism.
Retrieved December 5, 2017, from
http://www.hlta.ca/wpcontent/uploads/2016/11/TIAC_Annual_Report_2016_ENFINAL.pdf
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