Household expenditure on restaurants and hotels in Austria showed a steady increase from 2013 to 2019, ranging between 6.8 and 7.1 percent of GDP. However, the COVID-19 pandemic led to a significant drop in 2020 and 2021, with a noted 28.17% and 11.76% decrease respectively. Although there was a substantial recovery in 2022 with a 46.67% increase, this was followed by a slight decrease in 2023, standing at 6.4% of GDP. Forecasts from 2024 to 2028 predict that spending will stabilize at 6.4% of GDP.
- Year-on-year variation in 2023: -3.03%
- CAGR over the last 5 years: -1.78%
- Forecasted 5-year CAGR: 0%
- Household expenditure in 2023: 6.4% of GDP
Future trends to watch for include the potential impact of economic recovery post-pandemic, changes in consumer behavior towards dining out and travel, and the influence of inflation and wage growth on discretionary spending. Continued stabilization and gradual growth in household expenditure on restaurants and hotels are likely if the economic conditions remain favorable and consumer confidence rebuilds.
