Labour costs in the advertising and market research sector in Canada have shown a steady increase from 2013 to 2023, reaching 4.21 billion CAD in 2023. Over the last two years, the year-on-year variation has remained consistent at around 1.82%, indicating moderate growth. The compound annual growth rate (CAGR) over the last five years stands at 2.12%, reflecting a stable upward trajectory.
Looking ahead, forecasted data for 2024 and beyond suggest this upward trend will continue, with labour costs expected to reach 4.57 billion CAD by 2028. The future five-year CAGR is forecasted at 1.27%, translating to an overall growth rate of 6.54% by 2028.
Future trends to watch for include:
• Technological advancements potentially reducing some traditional labour costs.
• Increased demand for data analytics and digital marketing skills driving labour costs upward.
• The evolving landscape of remote work possibly affecting employment structures and associated costs.
