Forecast: Inbound Tourism Expenditure on Tourism Characteristic Products in Canada

From 2013 to 2019, inbound tourism expenditure on tourism characteristic products in Canada saw steady growth, reaching 21.26 billion CAD in 2019. However, the COVID-19 pandemic led to a significant decrease in 2020 and 2021, with volumes dropping to around 3.57 billion CAD. Recovery began in 2022, with a dramatic increase to 18.26 billion CAD, followed by a further rise to 22.58 billion CAD in 2023.

Key year-on-year variations include:

• 2020: -83.21%
• 2021: +0.22%
• 2022: +410.71%
• 2023: +23.63%

The compound annual growth rate (CAGR) over the last 5 years stands at 2.2%. Forecasts indicate continued growth, with expenditure expected to reach 25.64 billion CAD by 2028, reflecting a 5-year forecast CAGR of 2%.

Future Trends to Watch For:

• Post-pandemic recovery dynamics
• Potential impacts of economic fluctuations
• Influence of international travel policies and global events