From 2013 to 2019, inbound tourism expenditure on food and beverage services in Canada experienced a consistent upward trend, with year-on-year growth rates fluctuating initially but overall showcasing a strong increase. The period from 2020 to 2021 was dramatically impacted by the COVID-19 pandemic, plunging expenditures by approximately 85% in 2020. Recovery commenced in 2022, with expenditures rebounding significantly by over 437%. As of 2023, expenditures reached 4.88 billion Canadian Dollars, marking a substantial recovery, with a year-on-year growth of 27.45% and a CAGR of 3.69% over the past five years.
Future trends to watch for include continuous recovery and growth of the tourism sector, influenced by global travel resumption and strengthening of the Canadian dollar. The forecast indicates steady growth, with an expected CAGR of 3.72% over the next five years, reaching 6.18 billion Canadian Dollars by 2028. Factors such as international travel policies, economic stability, and shifts in tourist preferences will significantly impact these projections.
