Consumer protection drives business: key insights from consumer research
TICO conducts yearly research of Ontario consumers. The most recent survey, conducted in November 2024 by a third-party research firm, revealed that 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% compared to 43% of the general population.
This highlights the value of consumer protection not only as a safeguard for consumers, but as a business advantage for TICO registrants.
Who’s booking with a TICO registered business?
Consumers who are aware of TICO and the consumer protection available to them are significantly more likely to choose a TICO registered business to book with.
Additionally, Ontarians aged 35-44 are the most likely to book with a TICO registered business, followed by those aged 45-54 and 25-34. Understanding these demographics may help you tailor your marketing efforts.
Consumers are confirming who they are booking with.
44% of Ontarians say they always or often verify if the business they are booking with is regulated.
Trust in the travel industry is growing.
Rebounding post-pandemic, 69% of Ontarians say they trust the travel industry overall compared to 65% last year and 55% two years ago.
Confidence in travel is on the rise.
59% of Ontarians feel more comfortable travelling now compared to 40% a year ago.
Financial concerns are more prevalent.
60% of Ontarians are concerned about the financial investment of travel now, compared to 47% a year ago.
Satisfaction with consumer protection is increasing.
63% of Ontarians are satisfied with travel consumer protection regulations, up from 41% the prior year.
Flexible options matter.
Travellers are preparing against uncertainty with 75% saying they prefer options with flexible change or cancellation policies.
What this means for you
These findings reinforce that consumer protection is not just beneficial for travellers, it’s also good for business. As awareness of travel consumer protection grows, so does the likelihood of a consumer choosing to book with an Ontario-based business.
How you can spread the word
Inform your customers about the consumer protection benefits and the added peace of mind you offer as a regulated business. TICO’s recently re-launched Registrant Toolkit offers content you can share with customers – a social media video, a statement for your invoice or signature line, PDF in 16 languages and more. Learn more about it on the next page.