Forecast: Internal Tourism Expenditure on Accommodation Services for Visitors in Canada

Between 2013 and 2019, internal tourism expenditure on accommodation services in Canada experienced consistent growth, peaking at CAD 16.02 billion in 2019, showcasing an overall positive trend with annual year-on-year variations typically hovering around 4-8%. However, the onset of the COVID-19 pandemic in 2020 led to a dramatic decline of 49.36%, plunging expenditures to CAD 8.11 billion.

The subsequent recovery phase from 2021 through 2023 saw significant growth, with year-on-year increases reaching up to 54.6% in 2022, eventually culminating in expenditures of CAD 17.28 billion by 2023. The most recent data indicate a promising growth trajectory with a five-year forecast CAGR of 2.51%, expecting the expenditure to reach CAD 20.26 billion by 2028.

Future trends to watch for:

• Continued recovery and stabilization post-pandemic.
• Impact of inflation and economic factors on travel budgets.
• Effects of evolving travel preferences and the rise of sustainable tourism.