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EXECUTIVE SUMMARY
Toronto’s visitor economy is a proven driver of incremental spending in our city and beyond into the region and province.
In 2019, visitor spending in Toronto reached $6.7 billion and had an economic impact over $10 billion.

Following the deep impact of the Covid-19 pandemic on global travel, and its acute effects on major urban centres,
Toronto’s visitor economy continues on a trajectory of recovery, but has not yet fully returned to pre-pandemic levels.

Destination Toronto’s year-end analysis of Toronto’s visitor economy market performance for 2023 shows:

• Toronto welcomed nearly 9 million visitors in 2023, which is 93% of pre-pandemic visitor arrivals. Domestic travelers made
up a larger share of visitors to Toronto in 2023, accounting for 71% of all visitors. International visitors - including the vital U.S.
market - have shown slower recovery and remain 25% below 2019 levels.

• Visitor spending surpassed the pre-pandemic high, reaching $7 billion in 2023. This growth is the result of continued
recovery in visitation combined with higher inflationary increases.
• Demand for accommodations also continued to recover, but remains 19% below pre-pandemic levels.

• Meetings and events are a critical demand generator for Toronto and driver of visitor spending. While 2023 saw growth over
the prior year, the 290,000 delegates Toronto hosted for major meetings remains well below the 444,000 hosted in 2019.

• Toronto residents recognize the key role of Toronto’s visitor economy, as 89% say the sector is important to
Toronto’s overall economy.

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 VISITOR ARRIVALS
Visitors to Toronto

9.6M 6.5M 8.9M

Visits to Toronto from all major markets increased in 2023, led

by Canadian travelers. Despite the growth in 2023, the vital U.S.
market remains 25% below pre-pandemic levels.

Overseas markets show mixed results, with only Mexico

surpassing 2019 visitation. Germany and the U.K. are nearing
recovery levels while China - Toronto’s largest overseas market
before the pandemic - remains at 24% of prior levels.

8.95M
Visitors from International Markets
(indexed to 2019)

Toronto welcomed
8.95 million visitors in 2023,
93% of pre-pandemic arrivals.

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 VISITOR SPENDING
Visitor Spending in Toronto

$6.7B $5.23B $6.89B

A combination of visitor growth and compounded inflation led to

a record level of visitor spending in Toronto in 2023. The
domestic market drove a disproportionate share of the growth
however, as spending by U.S. and international visitors has not
yet returned to 2019 levels.

$7B
Spending by Visitors from International Markets
(indexed to 2019)

Visitor spending reached $7

billion in 2023, surpassing
pre-pandemic levels for the
first time.

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 Total Room Demand

ACCOMMODATIONS
MARKET
PERFORMANCE
The accommodation sector in Toronto saw slower growth in
demand in 2023 than the previous year. Most of the 10%
year-over-year increase occurred in the first four months of
2023, compared with the same months in 2022 that were Occupancy Rate Across All Accommodations
held back by the Omicron wave. The occupancy rate across

19%
all accommodations remains below pre-pandemic levels as
both demand and room supply are lower than 2019.

Total room demand remains

19% below 2019 levels.
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 MAJOR MEETINGS Number of Major Events Number of Delegates/Attendees

AND EVENTS
(1,000+ attendees)

Major meetings and events continue to be a core driver of

Toronto’s visitor economy. 2023 saw continued rebound in
Major Events (multi-day events with more than 1,000 attendees)
but both the number of meetings and total attendees remain
below pre-pandemic levels.

290K
Room Demand Economic Impact

Major meetings brought 290,000

visitors to Toronto last year, down
from 444,000 in 2019.

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 COMMUNITY
Resident Recognition of Importance of Visitor Economy

SUPPORT
Toronto residents continue to see the visitor economy as a
key driver of Toronto’s economy. At the same time, residents
are active participants in the visitor economy, attending
events, attractions and other activities alongside visitors,
reinforcing the positive role visitor experiences play in

89%
enhancing the lives of residents.

Resident Participation In Visitor Economy Activities

(Intent To Participate In Next 12 Months)

89% of Toronto residents see

the visitor economy as
important to Toronto.

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