Forecast: International Tourism Consumption of Tourism Products in Australia

The international tourism consumption of tourism products in Australia exhibited significant fluctuation over the period from 2012 to 2023. The value stood at 19.37 Billion Australian Dollars in 2023. From 2012 to 2019, there was steady growth characterized by a compound annual growth rate (CAGR) of 3.75%. This period of growth peaked in 2019 with a year-on-year increase of 4.77%. However, the COVID-19 pandemic in 2020 caused a drastic decline of 43.17%, with recovery beginning in 2021, reflected by a 64.5% year-on-year increase. Over the 2018-2022 period, the average annual growth rate stood at approximately 8.58%.

The forecasted data from 2024 onwards indicate a continued moderate growth trend, with the value expected to reach 21.03 Billion Australian Dollars by 2027. The projected compound annual growth rate (CAGR) for the next five years is estimated at 1.66%.

Future trends to watch for include:

• The impact of global economic conditions and potential geopolitical events on tourism.
• Changes in consumer behavior and travel preferences post-pandemic.
• New marketing strategies and tourism policies implemented by Australia to attract international tourists.
• Technological advancements in travel and tourism services, enhancing overall traveler experience.