Household expenditure on restaurants and hotels in Canada experienced fairly steady growth from 2013 to 2019, with annual increases ranging between 4% and 5.5%. A significant drop of approximately 30.5% occurred in 2020 due to the COVID-19 pandemic, followed by a notable recovery of 17.5% in 2021 and a substantial increase of roughly 29% in 2022. However, 2023 saw a slight reduction of about 7%. As of 2023, the expenditure stood at CAD 91.86 billion.
Future trends to watch for include:
- Projected average annual growth rate (CAGR) of 1.61% from 2024 to 2028.
- Household expenditure expected to reach CAD 101.69 billion by 2028, indicating an overall growth of 8.34% over the next five years.
