As we all well know, currencies have a habit of constantly fluctuating. And unless you have the financial savvy of someone like Warren Buffett, trying to understand all the variables that affect global currencies and why particular currencies will strengthen and weaken at a particular moment can be somewhat complex.
One thing is for certain, though: Canada’s dollar is very low. In fact, this is the lowest it’s been since 2003. How does this affect purchasing power? Well, one creative – and relatable – way of figuring out value when choosing Canada for your next meeting or incentive program is by comparing commonly consumed items. Take the latte, for example.
This is an especially apt example when you consider that coffee is one of the world’s most popular drinks – and that Vancouver consistently ranks as one of the best cities for coffee lovers.
In Canada, your average latte is $3.85 CAD, which is about $2.90 USD or £2.00 pound sterling. What does this mean if you have a budget of $1,000 USD or £1,000 pound sterling per person? That budget increases to some $1,321 CAD or $1,906 CAD respectively. It also currently represents a potential savings of over 30%. Cantrav has been leveraging this purchasing power to enhance programs from the smallest details in our creative décor to the more elaborate like float plane transfers from Vancouver to Whistler.
Don’t believe us? Click here for the Bank of Canada’s Currency Calculator and see for yourself!