Toronto reached a record tourist spending in 2023, largely due to domestic travel, but the overall visitation numbers are still below pre-pandemic, according to a new report.
The report released by Destination Toronto Tuesday says 8.95 million visitors came to the city in 2023 versus 9.56 million in 2019 and spent a record $7 billion in 2023 over $6.7 billion in 2019. The growth in spend is in line with Canada’s inflation rate of 3.4%.
Domestic travellers, who have driven a disproportionate share of the growth, account for 71 per cent of all visitors compared to 64 per cent in 2019. International visitors to Toronto - including the vital U.S. market - have shown a slower recovery and both remain 25 per cent below 2019 levels.
Mexico surpassed 2019 visitation, and Germany and the U.K. returned to roughly 75 per cent, China - the city’s largest overseas market before the pandemic - remains at 24 per cent of prior levels. Demand for accommodations also continues to recover but remains 19 per cent below pre-pandemic levels.
“Toronto has always benefited from a diversified visitor economy with strong visitation coming from within Canada as well as from the U.S. and overseas markets,” said Andrew Weir, Executive Vice President, Destination Toronto. “Up to this point some international markets have recovered more slowly, and business events and business travel are still lagging behind leisure travel. For our visitor economy to be the economic engine it has proven to be for jobs and growth, all of these vital markets and segments need to return to full steam.”
Major meetings and events (multi-day events with more than 1,000 attendees) continue to be a core driver of Toronto’s visitor economy. In 2023 major meetings brought 290,000 visitors to Toronto, however both the number of meetings and total attendees remain below pre-pandemic levels, as 2019 saw 444,000 attendees in the city. Some of the major meetings and events expected to drive visitation to Toronto in 2024 include the NHL All-Star Game in February, the American Association for Thoracic Surgery (2,600 attendees in April), the Pediatric Academic Societies (7,000, April), the Collision tech conference (35,000, June), the World Water Congress and Exhibition (3000, August) and the MedTech Conference (3,000, October).
Toronto’s Visitor Economy: 2023 Market Performance Highlights report was prepared by Destination Toronto’s Business Intelligence team. Additional insights on Toronto’s visitor economy can be found in the Market Performance Dashboard at DestinationToronto.com/research.
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