Forecast: Production of Travel Services in Canada

The production of travel services in Canada has shown a general upward trend from 2013 to 2023, standing at C$6.14 billion by 2023. Despite a significant dip in 2020, presumably due to the COVID-19 pandemic, the industry rebounded strongly in 2021 with a 10.5% increase, followed by a 13.15% increase in 2022. The year-on-year growth for 2023 was more modest at 1.77%. The compound annual growth rate (CAGR) over the past five years has been 2.59%.

Forecasted data from 2024 to 2028 suggest a continued upward trajectory, with an average annual growth rate of 1.4%, culminating in a total growth rate of 7.18% over the five-year period. This indicates steady growth but at a slower rate compared to the immediate post-pandemic recovery years.

Looking ahead, several trends could influence future growth in the travel services sector in Canada:

• Recovery and growth trends in global tourism post-pandemic.
• Technological advancements in travel services, such as AI and digitalization.
• Increased focus on sustainable tourism and eco-friendly travel options.
• Shifts in consumer preferences towards unique, experience-based travel.