Between 2013 and 2019, household expenditure on accommodation services in Canada showed a consistent growth trend, peaking at CAD 14.06 billion in 2019. The COVID-19 pandemic caused a significant dip in 2020, dropping by 39.45% to CAD 8.51 billion. A recovery phase began in 2021, reaching CAD 14.41 billion by 2022. However, a slight decline of 9.63% was observed in 2023, positioning it at CAD 13.02 billion. The Compounded Annual Growth Rate (CAGR) for the last five years (2019-2023) averages at -0.32%.

Forecasts suggest a moderate recovery with a CAGR of 1.51% from 2023 to 2028, reaching CAD 14.32 billion by 2028.

Future trends to watch:

Impact of post-pandemic recovery on travel and accommodation sectors.
Influence of economic factors such as inflation and interest rates on household spending.
Adoption of digital and sharing economy platforms in accommodation services.