2022 saw Toronto's tourism industry reach 26.5 million visitors who spent $8 billion, but remains below pre-pandemic levels due to inflation, interest rates, and travel restrictions.
Toronto's tourism industry saw an increase in visitor spending in 2022, reaching 26.5 million visitors who spent $8 billion. However, the industry remains below pre-pandemic levels due to factors such as inflation, higher interest rates, and ongoing travel restrictions. Hotel bookings in May fell from the previous year, indicating potential drops in visitor numbers this summer. The report suggests the need for new markets and sector expansion to drive growth.
June 06, 2024
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