Canadian tourism beats pre-pandemic levels earlier than expected, sees huge potential ahead

Tourism revenue to rise to USD 109.5 billion in 2023
2023-12-13
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/ New delhi
Destination cananda
Canadian tourism beats pre-pandemic levels earlier than expected, sees huge potential ahead

Destination Canada has proposed a transformative approach to unlock the additional USD 20 billion in revenue annually by 2030

Destination Canada's annual Tourism Outlook report shows the tourism industry will generate USD 109.5 billion by the end of 2023, exceeding the 2019 levels, but will require transformational change to capture USD 160-billion revenue potential by 2030.
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Tourism in Canada will generate USD 109.5 billion by the end of 2023 exceeding 2019 levels, says Destination Canada’s latest report Tourism Outlook: Unlocking Opportunities for the Sector. This growth represents the recovery of the tourism sector from the pandemic one year earlier than projected. 

In a press statement, Destination Canada, formerly known as the Canadian Tourism Commission, says that there is an opportunity for the tourism sector’s growth trajectory to reach USD 160 billion in revenue by 2030. However, capacity constraints are limiting the sector from achieving its full potential. 

Despite tourism coming to a standstill in 2020, the industry, post recovery, is expected to grow faster than the general economy at 5.8 pc. This reflects the sector’s resilience and importance to the economic vitality of the country, says the statement.

It adds that recovery both geographically and across sub sectors has been uneven. The challenge ahead is creating profitable growth for tourism businesses given their current debt loads and inflationary pressures. 

Meaghan Ferrigno

Meaghan Ferrigno

Destination Canada’s report outlines that a transformational path must be embraced. Without change, tourism will move forward along its long-term trajectory where constraints will limit its potential to USD 140 billion, which when adjusted for inflation, shows no real growth.

‘‘At this critical juncture, we face a clear choice. The difference between USD 160 and USD 140 billion is about more than revenue. It’s about unleashing capacity when and where we have it, it’s about creating stable employment and enhancing societal wellbeing. And importantly, it’s about smart growth that drives real prosperity for tourism businesses across every corner of this country,’’ says Meaghan Ferrigno, Destination Canada’s Chief Data and Analytics Officer.

Marsha Walden

Marsha Walden

‘‘This is a truly pivotal moment for our industry. The opportunity between our transformational growth agenda and the current continuous path is one that we cannot afford to lose. We need to choose collective action to overcome the constraints that hold us back from unlocking the true potential of the tourism sector. If we work together, we can achieve what’s possible and recapture our position as a top destination for global tourism and create wealth and wellbeing for all of Canada,’’ says Destination Canada’s President and CEO, Marsha Walden.

Destination Canada has proposed a transformative approach to unlock the additional USD 20 billion in revenue annually by 2030. The report outlines seven key levers that will bolster Canada’s competitiveness and address constraints. These include workforce development, unleashing capacity outside of peak season, attracting higher yield guests, increasing air access and bolstering new investment and reinvestment to the sector.

The statement adds that Destination Canada’s Tourism Outlook report is developed in collaboration with Tourism Economics, a subsidiary of Oxford Economics. The Fall 2023 Tourism Outlook was conducted between June and September 2023, and the outlook’s assumptions reflect current state and future of tourism in Canada with special attention to the opportunity gap that exists and how to mobilise industry and partners to address barriers to growth and unlock the full potential of Canada’s tourism sector.

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