The value-added of Accommodation and Food Services in Australia experienced notable growth from 2013 to 2018, reaching a peak in 2018. The trend saw a sharp decline in 2019, bouncing back slightly in subsequent years. In 2023, the value stood at AUD 42.9 billion, reflecting a mere 1.09% year-on-year growth with a negative CAGR of -0.64% over the past five years.
Future trends to watch for in the Accommodation and Food Services sector include:
- Continued moderate growth, with a forecasted 5-year CAGR of 0.7%, indicating steady but slow recovery and expansion.
- The potential impact of technological advancements and digitization on service delivery and customer experience.
- Shifts in consumer behavior and preferences due to economic conditions and external factors like pandemics.
