Toronto Tourism Hits Record $8.8 Billion in 2024 | Economic Impact Highlights

Toronto welcomed nine million overnight visitors in 2024, according to Destination Toronto’s Toronto’s Visitor Economy: 2024 Market Performance Highlights. These visitors spent a record-breaking $8.8 billion, marking the highest level of Toronto tourism spending ever in the city. This milestone represents significant progress in post-pandemic recovery, though total visitor numbers remain 600,000 below 2019 levels.

Growth in Domestic and International Markets

Domestic tourism has returned to pre-pandemic levels, while international markets are steadily recovering. Toronto hosted 2.7 million international visitors in 2024, a 7% increase compared to 2023. International travellers represented 30% of total visitors but contributed 38% of all visitor spending, thanks to their longer stays and higher expenditures. The largest growth came from markets like the U.S., the U.K., and Germany, with U.S. visitation up by 9% year-over-year.

Economic and Tax Contributions

Visitor spending in 2024 generated an overall economic impact of $13 billion. Tourism’s tax revenue contribution exceeded $2 billion, benefiting all levels of government. Without this revenue, every Toronto household would need to pay an additional $1,850 annually to maintain current public service levels.

Major Events Driving Tourism

Key events significantly boosted visitor numbers. In 2024, the city hosted the NHL All-Star Game, the Toronto International Film Festival (TIFF), and high-profile concerts, including Taylor Swift.

Major conferences, such as the World Water Congress and Pediatric Academic Societies meetings, brought nearly 250,000 attendees. Projections for 2025 estimate 300,000 visitors attending similar events, including the Alzheimer’s Association International Conference and the American Bar Association Annual Meeting.

Tourism-Related Developments in 2025

Several new openings and initiatives are expected to enhance Toronto’s appeal:

• Hotels: TOOR Hotel Toronto, Union Hotel Toronto, NOBU Hotel Toronto, and Le Meridien Pinnacle Toronto will open.
• Airlines: Virgin Atlantic resumes its Toronto-London route in March after years of absence.
• Anniversaries: Key landmarks like Hilton Toronto, Chelsea Hotel Toronto, and TIFF celebrate their 50th anniversaries.
• Sports and Attractions: Northern Super League’s debut and WWE Elimination Chamber will draw sports fans. New developments include Canada’s Wonderland’s AlpenFury roller coaster and the Rogers Stadium at Downsview Airport Lands.

Looking Ahead

Toronto’s tourism outlook remains strong for 2025. Enhanced travel infrastructure, high-profile events, and ongoing development projects are poised to sustain the momentum.

More…

• https://www.destinationtoronto.com/media/media-blog/post/9-million-visitors-spent-a-record-88-billion-in-toronto-in-2024 
• https://retail-insider.com/retail-insider/2025/01/9-million-visitors-spent-record-8-8-billion-in-toronto-in-2024
• https://www.travelmarketreport.com/canada/articles/tourism-injected-record-8-8-billion-into-toronto-economy-in-2024
• https://www.newswire.ca/news-releases/9-million-visitors-spent-a-record-8-8-billion-in-toronto-in-2024-873832657.html