Forecast: Domestic Tourism Expenditure on Tourism Characteristic Products in Canada

Between 2013 and 2019, domestic tourism expenditure on tourism characteristic products in Canada showed steady growth, experiencing a notable increase in 2018 by 7.1%. However, the industry suffered a significant downturn in 2020 due to the pandemic, with a sharp decline of 44.74%. Recovery began in 2021 and accelerated in 2022 with a significant increase of 56.24%, bringing expenditure back near pre-pandemic levels. By 2023, the expenditure reached 51.02 billion CAD, marking a 13.33% year-on-year growth. The five-year CAGR for 2023 stands at 1.98%.

Looking ahead, the forecast for 2024 to 2028 predicts a steady annual increase, with a five-year CAGR of 2.22%, and an overall growth expectation of 11.63% by 2028. The anticipated growth shows a return to pre-pandemic trajectories with moderate yet steady improvements in domestic tourism expenditure.

Future trends to watch for include the impact of evolving consumer preferences, increased focus on sustainable tourism, and potential economic fluctuations. Monitoring these factors will be critical for understanding and adapting to the changing landscape of the domestic tourism market in Canada.