Wood Laminate Flooring on Stairs?

My husband and I just bought our first home. The stairs are currently carpeted. We hate the carpet and would like to replace it with tile or wood. We spoke with a contractor who recommended that we put wood laminate flooring on the stairs. He said that it is both economical and durable. Is this a good idea? I love the idea of wood stairs but I don't know if wood laminate is a good choice.