Toronto Tourism Achieves Record $8.8B Spending in 2024 Despite Fewer Visitors
In 2024, Toronto’s tourism industry reached a significant milestone, generating a record $8.8 billion in visitor spending. This was achieved despite a decrease of 600,000 tourists compared to pre-pandemic levels, indicating a shift towards more lucrative tourism experiences.
The city played host to approximately 9 million visitors in 2024. The record spending was largely attributed to business and conference travelers who typically spend more on services and hospitality. Major events and meetings contributed nearly 250,000 visitors. These included attendees of high-profile events such as:
- The NHL All-Star Game
- Pediatric Academic Societies conference
- World Water Congress
Andrew Weir, the President and CEO of Destination Toronto, emphasized the economic impact of tourism. He stated, “Without tourism, every family in Toronto would have had to pay $1,850 more just to maintain the same levels of government services“. The contribution of the tourism sector has been instrumental in preventing the need for higher municipal taxes and in supporting local businesses.
As we look forward to 2025, Toronto is gearing up for major developments. These include:
- Virgin Atlantic’s return to the Toronto-London route after a decades-long absence
- New hotel openings, including Le Meridien Pinnacle in the 105-story SkyTower
- The debut of the Northern Super League women’s professional soccer league
These developments position Toronto to potentially surpass its record-breaking performance in 2024.
Source: Destination Toronto