Since 2013, domestic tourism expenditure on tourism characteristic products in Australia has seen significant variations. The value stood at 73.42 billion Australian Dollars in 2023. Initially, from 2013 to 2018, the expenditure grew consistently, reflecting a strong economic environment. However, this trend saw a sharp decrease from 2019 to 2020, likely influenced by external shocks such as the COVID-19 pandemic. A notable recovery began in 2021, with a dramatic year-on-year increase of 37.66%, followed by consistent growth through 2023. The last two years show a stable but slower growth rate with 9% in 2022 and 6.61% in 2023.
Future trends to watch for include:
- The projected steady growth with a 1.93% forecasted 5-year CAGR to 2028.
- An overall growth rate of 10.05% by 2028 might indicate strengthening economic conditions or increased domestic tourism activities.
- Potential impacts of global economic shifts, policy changes, and consumer behavior trends post-pandemic.
