Visitors injected billions of dollars into Toronto's economy last year, a new study finds, but tourists have yet to return to pre-pandemic levels amid signs of slowing growth.
While spending in 2023 slightly surpassed pre-pandemic levels, much of that owes to inflation, said report author Tariq Khan. A big drop in visitors from China -- Toronto's No. 1 tourism market with more than 300,000 arrivals in 2019 -- has also dented the figures. The steep drop-off stems from China's decision to not add Canada to its list of countries authorized as travel spots for tour groups, even as the U.S., U.K., Australia and others made it onto the list last summer.
Destination Toronto facilitated 71 major conferences and events last year, well below 2018's 100-plus gatherings. The events in 2023 drew 290,000 business delegates -- many of them visitors -- who spent about $400 million, which speaks to conventions' outsized economic contribution, Weir said. But that figure pales in comparison with the $800 million in spending from six years earlier.
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