In 2023, the wages and salaries of food and beverage services in Belgium stood at 2.25 billion Euros. This marks an 11.51% increase from the previous year, reflecting a recovery and growth trajectory post-pandemic. The past decade exhibits fluctuating trends with notable dips in 2015 and 2020, the latter due to the COVID-19 pandemic affecting the global hospitality sector significantly. The CAGR over the past five years averages at 3.66%, indicating moderate growth despite recent volatility.
Looking forward to the forecasted period (2024-2028), the expected growth rate is 8.83%, with a CAGR of 1.71%. This suggests a slower, steadier growth compared to the previous years. Wages and salaries are expected to reach 2.5 billion Euros by 2028, emphasizing gradual recovery and stabilization in the sector.
Future Trends to Watch:
- Impact of inflation on wage growth and purchasing power
- Influence of automation and digitalization on labor demand
- Post-pandemic recovery in consumer behavior and spending
- Government policies affecting minimum wages and labor regulations
