Pandemic Toll on Toronto’s Visitor Economy
The global pandemic, including the associated travel restrictions and lockdowns over the past 12 months, have resulted in $8.35 billion in lost economic activity from visitor spending in Toronto. When the Greater Toronto region is included, the economic losses grow to more than $14 billion. The new analysis by Destination Toronto demonstrate the devastating impact the pandemic has had on the city’s tourism and hospitality sector and the broader economy that benefits from visitor spending. The analysis stems from Destination Toronto’s Visitor Economy Study released in late 2019. Produced by Tourism Economics and done in partnership with the Toronto Region Board of Trade, the study found that Toronto’s 27.5 million visitors generate an economic impact of $10.3 billion and support 70,000 jobs (based on 2018 data) in the community.
LOST ECONOMIC ACTIVITY
The global pandemic has had a devastating impact on Toronto’s tourism and hospitality community and the city’s visitor economy. That impact has affected nearly every sector of Toronto’s visitor economy – from hotels and attractions, to retail, transportation, and bars and restaurants – and many thousands of people that work within it. As we mark one year of the pandemic in Toronto, we know our city’s tourism and hospitality sector will come back stronger than ever, and we work together to once again welcome back millions of visitors when these tough times are behind us. #HospitalityStrong