The recreational activities output in Canada saw a consistent increase from 2013 to 2019, with year-on-year variations ranging from 1.1% to 6.8%. The year 2020 marked a significant decline of nearly 30% due to the COVID-19 pandemic, but there was a strong rebound in 2021 with a 26.18% increase. The growth continued with a further 14.74% in 2022 and 10.2% in 2023, reaching a value of 25.12 Billion Canadian Dollars in 2023. The average annual growth rate over the last five years was 3.27%. Forecast data from 2024 onwards suggest a steady growth trend, with a forecasted 5-year CAGR of 2.47%, ultimately leading to a total growth of 12.97% by 2028.
Future trends to watch for include:
- Technological advancements influencing recreational activities
- Increasing consumer interest in outdoor and wellness-centric activities
- Potential impacts of economic fluctuations on discretionary spending
- Repercussions of global events like pandemics on travel and recreation