The output of Travel Agencies and Tour Operators in Canada experienced steady growth from 2013 to 2019, reaching 5.6 billion Canadian Dollars in 2019. The impact of the COVID-19 pandemic led to a significant decline by 46.5% in 2020, reducing output to 3.0 billion CAD. The sector began recovering in 2021 with a 45.41% increase, continuing through 2022 and achieving 5.27 billion CAD. By 2023, output further rose to 5.94 billion CAD, showing a year-on-year increase of 12.7%.
From 2024 onwards, the output is forecasted to grow steadily, reaching 6.56 billion CAD by 2028. The Compound Annual Growth Rate (CAGR) for the forecasted period stands at 1.58%, indicating modest yet consistent growth, with a total forecasted growth rate of 8.13% over five years.
Future trends to watch for include the impact of technological advancements on travel bookings, changes in consumer travel preferences towards sustainable and experiential travel, and potential economic and geopolitical factors influencing international travel dynamics. The industry may also see significant adaptation towards digital transformation and personalized travel experiences.
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