Domestic tourism expenditure on food and beverage serving services in Canada has shown a steady increase from 2013 to 2019, with a compound annual growth rate (CAGR) averaging about 4% each year. However, 2020 saw a significant decline by 27.31% due to the pandemic, dropping the value to 8.63 billion Canadian dollars. The recovery began in 2021 with a 17.6% year-on-year increase, followed by a substantial 14.11% rise in 2022. For 2023, the expenditure stood at 12.61 billion Canadian dollars, representing an 8.9% growth over the previous year. The forecast for the coming years indicates a continued upward trend, with a 5-year CAGR of 2.07% and an expected growth rate of 10.78% by 2028.
Future trends to watch for:
- Impact of economic recovery on domestic tourism expenditure.
- Influence of inflation on food and beverage prices.
- Changes in consumer preferences and spending habits post-pandemic.
- Potential contributions from environmental and sustainability movements in food and beverage services.
