Between 2013 and 2019, the tourism output of accommodation services in Australia showed a steady increase, with minor fluctuations. However, a significant drop was observed in 2020 due to the impact of the COVID-19 pandemic, which led to a 43.53% decrease in value. The market started to recover in 2021 with a strong rebound of 63.47%, continuing its growth trajectory into 2022 and 2023, where it stood at 14.39 billion Australian dollars. From 2018 to 2023, the average annual growth rate (CAGR) was 1.96%, indicating a moderate recovery post-pandemic. Forecasts from 2024 to 2028 predict a gradual increase with a CAGR of 1.27%, resulting in a 6.51% growth rate over five years.
Future Trends to Watch:
Key trends to monitor include the impact of ongoing global health issues, shifts in travel preferences towards sustainable and local tourism, advancements in digital bookings and travel tech, and the influence of international travel policies and economic conditions on tourism demand.
