Travel services output in Belgium exhibited a mix of fluctuations from 2013 to 2023. In 2023, the output was valued at 2.78 Billion Euros. From 2013 through 2019, there was a general downward trend, with occasional slight recoveries. The significant impact of the COVID-19 pandemic led to a dramatic drop in 2020 by over 72%. A substantial recovery began in 2021 with over 115% growth, followed by further increases in 2022 and 2023. The year-on-year growth for 2022 and 2023 was 29.68% and 13.17%, respectively. The average change per year over 5 years (CAGR) from 2019 to 2023 was -3.08%.
Looking ahead, from 2024 to 2028, the output is expected to slightly decrease, with a 5-year CAGR projected at -2.74%, equating to a total reduction of 12.95% over the period. The forecasted values indicate a gradual but steady decline, reflecting potential market saturation, changing travel preferences, or broader economic factors impacting travel expenditure.
Future trends to watch for include:
- Post-pandemic recovery dynamics and potential market corrections.
- Shifts in consumer behavior towards sustainable and local travel options.
- Impacts of technological advancements and digital transformation in travel services.
- Economic conditions affecting disposable income and the propensity to spend on travel.
