Forecast: Domestic Tourism Expenditure on Accommodation Services for Visitors in Canada

The domestic tourism expenditure on accommodation services in Canada has shown significant fluctuations between 2013 and 2023. Starting at $7.12 billion in 2013, the expenditure grew steadily, reaching $9.5 billion in 2023. Notable trends include steady growth up to 2019, an abrupt decline in 2020 due to the pandemic, and a subsequent recovery in 2021. The year-on-year variation for 2023 was 7.68%, while the five-year CAGR preceding 2023 stood at 1.63%.

Looking ahead, forecasted data indicate a continued upwards trend, with expenditures projected to reach $10.73 billion by 2028. The forecasted five-year CAGR is 1.92%, suggesting moderate but steady growth.

Future trends to watch for include shifts in consumer preference towards sustainable and eco-friendly accommodation, the impact of potential economic slowdowns, and technological advancements enhancing customer experience in the hospitality sector.