From 2013 to 2023, the tourism consumption of tourism-connected products in Australia has demonstrated consistent growth, peaking at 59.88 billion AUD in 2023. The sector experienced variable year-on-year growth rates, with a notable surge of 64.95% in 2021, compensating for a significant decline of 43.3% in 2020 due to the pandemic. Over the past five years, the compound annual growth rate (CAGR) was 2.92%, indicating steady recovery and progress post-2020.
Forecasted data from 2024 to 2028 predicts continued growth, albeit at a modest pace, with a five-year CAGR of 1.85% and an overall growth rate of 9.61%. By 2028, tourism consumption is expected to reach 66.89 billion AUD.
Future trends to watch for:
- The impact of global economic conditions on international tourism.
- Technological advancements in travel and tourism services.
- Sustainability initiatives and their influence on travel behavior.
- Potential shifts in consumer preferences toward experiential travel.
