Forecast analysis for labour costs in accommodation and food services in Canada indicates a steady upward trend from 2024 to 2028, with projected costs rising from 44.05 billion Canadian dollars in 2024 to 48.07 billion by 2028. In 2023, the actual labour costs for the sector stood at approximately 43 billion Canadian dollars. The year-on-year variation shows a consistent growth rate, suggesting an average annual increase of 2-3% over the five-year period, culminating in a compound annual growth rate (CAGR) reflective of the sector's recovery and expansion post-pandemic.
Future trends to watch include potential impacts of inflationary pressures, labour shortages, and automation within the industry. Additionally, shifts in consumer behaviors towards sustainable and digital experiences could influence operational cost strategies. Monitoring government policy changes and labour market dynamics will be crucial for stakeholders planning adaptive strategies.
