The Niagara Falls economy has grown slowly over the past few years. Economists have mixed predictions about the direction of the economy. Sluggish growth can be attributed to both changes in the public and private sector. Locals may be pessimistic about the change in the economy, but there are plenty of opportunities for tourists. Here is an overview of the economic landscape near Niagara Falls and the impact it will have on tourists.
Direction of the Niagara Falls Economy
The private sector is working diligently to grow the economy. According to Mike Hudson of the Niagara Falls Reporter, businesses are marketing their products and services more aggressively. They hope to expand their base of customers in the near future.
Local businesses have helped facilitate growth in recent months. This is a remarkable turnaround, considering the Niagara Falls economy had been contracting for over 50 years. They are confident that the economy will continue to grow further in the months to come.
Hudson also pointed out that the economy is still not growing at its optimal rate. He said that some government policies are holding it back. Some local government officials hope to address it in the future by reducing some regulations to help the economy grow.
Since economic growth is still sluggish, many businesses are looking for new ways to appeal to customers. They have offered a number of great offers to draw them in the door.
What Does This Mean for Tourists?
Tourism is one of the largest industries in Niagara Falls. Approximately 12 million people travel to the region every year, which creates a huge market for local businesses such as these.
Tourists tend to have a lot more money than local customers. As a result, small businesses have always competed for their dollars. The competition has become even more intense as the Niagara Falls economy deteriorated.
Many businesses are offering generous discounts to their customers. They also try to provide the highest quality service at all times. This is = common in all tourist regions. However, Niagara Falls is placing even more emphasis on catering to their tourists, because their economy is so dependent on them.
Many local businesses are also calling to end the Destination Marketing Fee. This is one of the unnecessary costs that has deterred customers from visiting the region. Government officials seem open to the idea. If they agree to overturn the decades old fee, then tourists will find traveling to Niagara Falls will be more feasible.
Small businesses are confident that the local economy will continue to grow, but will continue to serve tourists. Savvy tourists will keep this in mind when bargaining for competitive rates and exceptional service.