The household expenditure on leisure in Canada has demonstrated a steady growth trajectory from 2013 up to 2023, with a notable downturn in 2020 due to the pandemic, which led to a -9.16% year-on-year dip. This decrease was followed by a significant rebound in 2021 with a 10.33% increase and continued growth through 2022 at 12.33%, although the pace of growth slowed to 1.92% in 2023. By 2023, household expenditure on leisure stood at 117.99 billion Canadian dollars.
Looking forward, from 2024 to 2028, the forecast reflects a continuation of this growth but at a more moderate average annual rate. Over the next five years, the compound annual growth rate (CAGR) is anticipated to be around 1.42%, with the total growth over this period projected at 7.31%.
Future trends worth monitoring include:
- The impact of economic conditions on discretionary spending.
- Shifts in consumer preferences towards digital and experiential leisure activities.
- Potential rebounding or further disruptions from global health events.
- The influence of emerging technologies on leisure consumption patterns.
- Demographic changes influencing leisure activity choices and spending.