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

The inbound tourism expenditure on accommodation services for visitors in Canada experienced significant growth from 2013 to 2019, with values rising from $4.21 billion to $7.04 billion CAD. This period saw robust year-on-year growth rates, peaking in 2016 with an increase of 15.44%. However, in 2020, the COVID-19 pandemic caused an unprecedented drop of 83.32% in expenditure, falling to $1.17 billion CAD, with a slight recovery in 2021. By 2022, the figure rebounded sharply to $6.13 billion CAD, and in 2023 it reached $7.66 billion CAD, marking a 24.94% increase from the previous year. The 5-year CAGR leading up to 2023 was 2.54%.

Looking into the future, the forecast indicates a steady growth in inbound tourism expenditure on accommodation services, with values expected to reach $9.05 billion CAD by 2028, resulting in a forecasted 5-year CAGR of 2.61% and an overall 5-year growth rate of 13.77% from 2024 to 2028.

Future trends to watch for include the impact of global economic conditions, shifts in travel preferences, and potential advancements in the accommodation sector's technology and service offerings. Monitoring these factors will be essential for understanding and capitalizing on the evolving landscape of inbound tourism in Canada.