From 2013 to 2019, domestic tourism expenditure on passenger transport services in Canada saw a steady growth trend, with an increase from 12.92 billion CAD to 18.59 billion CAD. This period experienced a Compound Annual Growth Rate (CAGR) ranging between 3.78% and 6.89%, with noticeable year-on-year variations, such as the significant increases in 2017 and 2018.
The year 2020 marked a dramatic decline of 67.56% due to the COVID-19 pandemic's impact, followed by a further decline in 2021. However, 2022 saw a strong recovery with a 206.23% year-on-year increase, bringing the value back up to 16.67 billion CAD. By 2023, the expenditure reached 19.95 billion CAD with a 19.69% year-on-year increase, and the recent five-year CAGR was 2.59%.
Looking ahead from 2024 to 2028, the forecast suggests a steady growth trajectory, with the expenditure expected to reach 23.2 billion CAD by 2028. The projected five-year CAGR is 2.39% with a forecasted growth rate of 12.54% over this period.
Future trends to watch for include the potential shifts in travel preferences influenced by environmental concerns, technological advancements in transport, and the ongoing impact of global health developments. Additionally, fluctuations in economic conditions and government policies aimed at boosting domestic tourism will play crucial roles in shaping this sector.
