Analyzing the internal tourism expenditure on tourism characteristic products in Canada from 2013 to 2023 indicates steady growth from $50.43 billion to $74.35 billion, excluding a notable dip in 2020. The recovery path post-2020 showed a significant rebound with a year-on-year increase of 96.52% in 2022 and a 16.8% rise in 2023. The average yearly growth over the last five years (CAGR) registered at 2.25% by 2023, denoting a resilient recovery trend. Forecasts from 2024 onward predict continued growth, with an estimated CAGR of 2.46% and a total growth rate of 12.92% over the next five years.
Future trends to watch for include the potential impact of global economic conditions, evolving traveler preferences towards sustainable tourism, and the influence of technological advancements on travel behaviors and patterns. Staying attuned to these factors could better inform strategic decision-making and policy development in the Canadian tourism sector.
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