The World Travel & Tourism Council (WTTC) is forecasting a historic year for Canada’s Travel & Tourism sector in 2024, with the economic contribution set to reach an all-time high of almost $182 billion – a figure that exceeds the previous peak by $8.1 billion and generating one in every 15 dollars of economic activity.
In partnership with Oxford Economics, WTTC’s research highlights a sector abundant with opportunities, supporting 1.84 million Canadian jobs, with an increase of 120,000 jobs compared to the previous high point in 2019.
Spending by both international and domestic tourists is also expected to reach unprecedented levels, with forecasts indicating a total expenditure of $43.7 billion and $95.2 billion respectively, highlighting the robust demand and vibrant growth within the sector.
A look back on last year
Last year, the Travel & Tourism sector’s GDP contribution grew by almost 25% year-on-year to reach almost $172 billion, representing 6% of Canada’s total economic output.
Additionally, the sector proved to be a significant source of employment, creating 85,000 new jobs, and elevating the total to 1.7 million nationwide, about one in every 12 jobs across the country.
The resurgence of international visitors to Canada has been notably strong, with international spending increasing by 42% to reach $41.3 billion, highlighting Canada’s appeal as a premier global destination.
Julia Simpson, WTTC President & CEO, said: “Travel & Tourism is set to break all records in Canada. The government backed Tourism Growth Program, with its $108 million in federal funding, will further boost both the economy and jobs over the coming year. The Travel & Tourism sector is very strong and creating economic value and jobs. Vancouver, Toronto, and Montreal stand out as popular destinations amongst international visitors.”
What does the next decade look like?
The outlook for the next decade is exceptionally bright, according to WTTC forecasts. By 2034, the sector is expected to dramatically enhance Canada’s economy, contributing an estimated $248 billion and comprising 7.1% of the total economic landscape.
This burgeoning industry is also projected to be a major source of job creation, expected to provide employment for 2.3 million people nationwide. This indicates that 10% of the workforce will be engaged in the sector.
Says WTTC: “The forthcoming decade promises not just growth, but a transformative period for Travel & Tourism. Canada is on the threshold of an era characterised by prosperity, innovation, and connectivity on an unprecedented scale, marking a golden age for the sector that is eagerly anticipated by both consumers and businesses alike.”