Thursday, July 18, 2024

Travel & Tourism set to contribute a $182bn to the Canadian economy this year

The World Travel & Tourism Council (WTTC) is forecasting an historic year for Canada’s Travel & Tourism sector this year, with the economic contribution set to reach an all-time high of almost $182bn.

Reaching $182.1bn in 2024 represents an additional $8.1bn over its previous peak, affirming the sector’s significant role as an economic force, responsible for generating one in every 15 dollars of economic activity.

In partnership with Oxford Economics, WTTC’s latest research highlights a sector abundant with opportunities, supporting 1.84mn 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 $43.7bn and $95.2bn 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 percent year-on-year to reach almost $172bn, representing 6 percent of Canada’s total economic output, demonstrating the sector’s integral contribution to the national economy.

Additionally, the sector proved to be a significant source of employment, creating 85,000 new jobs, and elevating the total to 1.7mn nationwide. This solidifies Travel & Tourism’s position as a major employment driver, representing 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 percent to reach $41.3bn, 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 $108mn 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 $248bn and comprising 7.1 percent of the total economic landscape.

This burgeoning industry is also projected to be a major source of job creation, expected to provide employment for 2.3mn people nationwide. This indicates that 10 percent of the workforce will be engaged in the sector, highlighting the essential role of Travel & Tourism in fostering Canadian employment.

The forthcoming decade promises not just growth, but a transformative period for Travel & Tourism. Canada is on the threshold of an era characterized 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.

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