The European wages and salaries in the accommodation services sector revealed disparities across countries in 2023, with Germany leading significantly at 10.94 billion Euros, followed by Spain and the United Kingdom. Notably, Romania and Lithuania experienced the most substantial year-on-year growth, at over 15% and 21.96%, respectively. Other countries like Portugal and Hungary also showed strong growth, while Iceland faced a decline of 2.48%. The Compound Annual Growth Rate (CAGR) over the past five years indicates substantial trends, particularly in Eastern European countries, pointing to an evolving industry landscape with varying regional dynamics.
Future trends to watch include potential growth advised by the general economic recovery in Europe and increasing cross-border tourism following the COVID-19 pandemic. The rising digitalization in the hospitality sector and shifts in global tourism patterns may further influence wage structures, with potential impacts from economic policies and labor market changes impacting wage growth. Monitoring these developments will be crucial for stakeholders aiming to capitalize on the evolving market conditions.
Top countries in Wages and Salaries of Accommodation Services by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 10,940 | 2023 | +13.94% | +3.99% | View data |
| 2 | 2 Spain | 8,510 | 2023 | +18.24% | +5.53% | View data |
| 3 | 3 United Kingdom | 7,820 | 2023 | +1.21% | +1.49% | View data |
| 4 | 4 France | 7,030 | 2023 | +8.73% | +1.96% | View data |
| 5 | 5 Italy | 5,220 | 2023 | +11.24% | +1.14% | View data |
| 6 | 6 Switzerland | 3,390 | 2023 | +8.09% | +3.22% | View data |
| 7 | 7 Austria | 3,090 | 2023 | +8.11% | +3.8% | View data |
| 8 | 8 Greece | 1,880 | 2023 | +18.41% | +5.62% | View data |
| 9 | 9 Netherlands | 1,870 | 2023 | +3.64% | +3.81% | View data |
| 10 | 10 Sweden | 1,460 | 2023 | +8.03% | +3.42% | View data |
