International tourism expenditures for travel items in Belgium have experienced significant fluctuations over the past decade. The value stood at $19.986 billion in 2023. Between 2013 and 2019, the trend showed an overall upward movement with some volatility, peaking in 2014 and then again in 2019. A sharp decline occurred in 2015, followed by a gradual recovery. Due to the COVID-19 pandemic, expenditures dropped significantly in 2020 but rebounded strongly in 2021 and beyond. The year-on-year growth in 2023 was 8.81%, indicating a positive trend compared to previous years. The 5-year CAGR leading up to 2023 was 1.62%.
Forecasts from 2024 to 2028 predict steady growth, with an average annual growth rate of 1.57%. The total projected growth over this period is 8.08%, indicating a continuing recovery and stabilization of international tourism expenditures in Belgium.
Future trends to watch for include:
- Post-pandemic travel behaviors and preferences.
- Economic conditions and their impacts on international travel.
- Technological advancements and their influence on travel expenditures.
