The gross value added (GVA) by travel agencies and tour operators in Belgium saw significant fluctuation from 2013 to 2023, marked by a notable decline during the COVID-19 pandemic in 2020, followed by a strong recovery through 2021 and 2022. By 2023, the GVA reached 528 million Euros, reflecting a promising recovery with a year-on-year increase of 17.2% and a five-year CAGR of 1.22%. From 2024 onwards, the forecast suggests steady growth, with an average annual increase of approximately 0.2%, leading to a 0.98% overall growth rate by 2028.
Future trends to watch for include:
- Potential impact of evolving consumer behavior post-pandemic on travel patterns.
- Technological advancements in the travel industry, offering more personalized and seamless travel experiences.
- Regulatory changes and sustainability initiatives that could influence operational practices and cost structures.
