Forecast: Output of Travel Services in Canada

The output of travel services in Canada has shown a fluctuating trend, starting with a steady increase from 2013 to 2019, peaking at 5.6 billion CAD. However, 2020 saw a significant drop of 46.53% due to the pandemic, reducing output to 3.0 billion CAD. A strong recovery followed in 2021 with a 46.68% increase. By 2023, the output reached 6.02 billion CAD, indicating robust recovery and growth. The Compound Annual Growth Rate (CAGR) over the last five years was 2.06%, with notable growth of 13% in the most recent year.

Looking ahead, the forecast period shows a potential steady growth in the output of travel services in Canada, reaching 6.73 billion CAD by 2028. The 5-year forecast CAGR is estimated at 1.79%, with an overall growth rate of 9.3% from 2023 to 2028.

Future trends to watch for include:

• The impact of shifting consumer behavior and preferences post-pandemic.
• Technological advancements in travel services and their adoption rates.
• The influence of economic conditions and potential global events on travel demand.
• Sustainability initiatives and their role in shaping the industry.
• The resurgence of business travel in person and hybrid models.