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Latvia Hospitality Industry Outlook 2024 - 2028

See how Latvia Hospitality performed compared to key markets such as the United Kingdom, Italy and France.

Key Market Indicators

Latvian Accommodation Expenditure is projected to reach €289 million by 2028, up from €255 million in 2023. This marks an average annual growth rate of 2%. Despite this growth, Latvia has faced a long-term decline, with demand decreasing by 0.8% annually since 2000. In the 2023 rankings, Latvia stood at 28th place, with Slovakia surpassing it with €255 million in expenditure. Leading the charts were Italy, France, and Germany, occupying the 2nd, 3rd, and 4th positions, respectively. The number of Latvian accommodation establishments is also on the rise, expected to reach 23,310 bedplaces by 2028 from 20,420 bedplaces in 2023. This reflects an average annual growth rate of 2.1%. Since 1997, the supply has remained relatively flat, showing no significant year-on-year increase. In 2023, Latvia ranked 27th, with Ireland ahead at 20,420 bedplaces. Spain, France, and Germany claimed the 2nd, 3rd, and 4th spots in this metric. Latvian accommodation services revenue is anticipated to climb to €341 million by 2028, up from €288 million in 2023, translating to an average annual growth rate of 2.7%. The market has shown a steady increase, growing by 2.9% annually since 2010. In 2023, Latvia ranked 32nd, with Lithuania leading at €288 million. Spain, France, and the United Kingdom secured the 2nd, 3rd, and 4th rankings, respectively.

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Latvia Hospitality Market Data and Forecasts