The gross income of advertising and market research in Canada has shown varying growth trends over the past decade. In 2023, the value stood at 478 million Canadian dollars, marking significant recovery and growth following a dip in 2020. From 2013 to 2019, there was consistent growth with momentarily accelerated growth in 2016. However, 2020 experienced an 18.08% decline due to external factors, likely the COVID-19 pandemic. Recovery was seen in 2021 with a 16.33% increase, continuing into 2023 with a further 6.94% rise. From 2024 onwards, the growth rate is expected to stabilize, with a 5-year forecast CAGR of 1.08% indicating moderation in growth.
- 2013-2019: Consistent and accelerated growth
- 2020: Sharp decline due to external factors
- 2021-2023: Recovery and continued growth
Future trends to watch include the impact of digital transformation and technological advancements on advertising methods, the shift towards online marketing and the increasing importance of data analytics in market research.
