The value added of travel services in Canada has shown significant fluctuations over the past decade. Starting at 2.8 billion CAD in 2013, the value increased steadily, reaching 3.19 billion CAD by 2019, before experiencing a sharp decline in 2020 due to the pandemic, dropping to 1.64 billion CAD. However, the sector rebounded with a 48.78% increase in 2021, leading to a recovery trend, culminating at 3.35 billion CAD in 2023. Over the last five years, the compound annual growth rate (CAGR) was 1.44%. Future projections indicate a steady growth trajectory, with an anticipated 7.1% growth from 2024 to 2028, and a forecasted 5-year CAGR of 1.38%.
Future trends to watch for include:
- Technological innovations in travel services, enhancing customer experience.
- Changing travel preferences due to sustainability and eco-tourism trends.
- Potential impacts of economic fluctuations and policy changes on discretionary travel spending.
- Risks related to unforeseen global events that could impact the travel industry.
Latest reports
US Tourism Market Report- Q4 2024
The US tourism industry experienced significant dynamism in the fourth quarter of 2024, driven by various economic, regulatory, and consumer behavior factors. This...
China Tourism Market Report- Q4 2024
In the fourth quarter of 2024, China's tourism industry continued its robust recovery, bolstered by strong domestic travel and innovative strategic initiatives. The...
Japan Tourism Market Report- Q4 2024
In the fourth quarter of 2024, Japan's tourism industry saw a robust recovery, with foreign visitor numbers reaching 33.37 million, surpassing pre-pandemic levels....
Germany Tourism Market Report- Q4 2024
In Q4 2024, Germany experienced a robust recovery in its tourism sector, driven by significant international interest and strategic initiatives across various segments....
India Tourism Market Report- Q4 2024
In Q4 2024, the Indian tourism industry experienced a dynamic shift, driven by varying market segments and external economic conditions. This period was...
UK Tourism Market Report- Q4 2024
The UK tourism industry in Q4 2024 demonstrates a dynamic environment shaped by technological advancements, economic pressures, and evolving consumer preferences. Key market...
France Tourism Market Report- Q4 2024
Q4 2024 has been a dynamic period for the tourism sector in France, characterized by evolving trends and significant regulatory developments that are...
Canada Tourism Market Report- Q4 2024
In the fourth quarter of 2024, the Canadian tourism industry shows a nuanced recovery, with a noticeable increase in domestic travel due to...
South Korea Tourism Market Report- Q1 2025
The first quarter of 2025 witnessed dynamic changes in the Tourism South Korea market, driven by various economic and geopolitical factors. Inbound tourism...
Australia Tourism Market Report- Q4 2024
The fourth quarter of 2024 showcased a dynamic period for the tourism industry in Australia, marked by significant trends in various sectors including...
