Canadians may spend money in bars to watch the Stanley Cup playoffs and might flock to Montreal for the Grand Prix. But will there be a lasting boost to the economy?
The puck drops tonight in the Stanley Cup playoffs. Many hockey fans across the country will be watching. Montreal is also hosting the Grand Prix . Both could help boost the service sector after several hard years during the pandemic. An economist warns the benefits probably aren't what you think. Nathaniel Dove reports.will bring zero net economic impacts to Canada , one economist says, but some business groups and local restaurant owners are expecting a spike in business.
“If we’re getting caught up in the moment , the way that people did when the Raptors went to the championship and you had watch parties across Canada, you’re going to get a credit card bill next month,” he said, “and that credit card bill is going to come with a generationally high interest rate attached to it.”“If our income hasn’t changed, then for every person that you’re going to find who says, ‘this is fantastic! A deep Oilers run is going to be magic for my business.
The F1 race may be different in that foreign tourists may visit Montreal and spend money at its hotels and restaurants, bringing in new money, though Lander said it doesn’t matter.The city’s tourist season is always busy with a full schedule of events. The money F1 brings to Montreal won’t be substantially different that the other festivals, he said.
He said of all the many events Montreal hosts, the Grand Prix has the highest impact, bringing in $162 million last year, with $110 million from tourists from outside Quebec.
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