In 2023, the Gross Value Added (GVA) for the UK Accommodation and Food Services sector was reported to be £64.35 billion. The forecasted GVA for 2024 is £67.25 billion, reflecting a year-on-year increase of 4.5% from 2023. Further growth continues with forecasted values reaching £69.62 billion in 2025, £71.97 billion in 2026, £74.29 billion in 2027, and £76.59 billion in 2028. The compound annual growth rate (CAGR) from 2024 to 2028 is approximately 3.6%, indicating steady growth in the sector.
Future trends to watch for include the impact of technological advancements on service delivery, potential changes in consumer behavior due to economic fluctuations, and the ongoing influence of global events on tourism and dining preferences. Monitoring these trends will be crucial for adapting strategies effectively.
