Fewer tourists and business people coming to Toronto post-pandemic: Report
Torontosun.com
Jan. 23, 2024
Kevin Connor
Visitor spending in Toronto reached a record $7 billion last year, but the number of tourists and business people coming to the city remains below pre-pandemic levels, according to a new report.
Toronto’s “Visitor Economy: 2023 Market Performance Highlights” found spending surpassed pre-pandemic levels for the first time, but the city is still at 93% of pre-pandemic arrivals, with 8.9 million visitors in 2023.
The report -- published Monday by Destination Toronto -- in 2019, Toronto attracted nearly 9.6 million visitors who spent $6.7 billion, generating more than $10 billion in economic impact.
“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 of 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.”
Domestic travellers accounted for 71% of all visitors, compared to 64% in 2019. International travel to Toronto has been lacklustre, falling about 25% below 2019 levels.
“Toronto’s visitor economy is a vitally important sector of the city’s economy, supporting restaurants, arts and culture, retail, attractions, and creating business opportunities for local industries. We salute all sectors of this industry and the contribution they make to Toronto’s vibrancy and prosperity,” said Mayor Olivia Chow.
Major meetings and events continue to be a core driver of the city’s visitor economy.
In 2023, major meetings brought 290,000 people to Toronto, but both the number of events and total attendees remain below pre-pandemic levels. In 2019, 444,000 people descended on the city for meetings.
The report says the pandemic highlighted the crucial role visitors play to the city’s economic well-being.