The turnover of Denmark's Accommodation and Food Services sector has shown a generally upward trend from 2013 to 2023, despite a significant dip in 2020 due to the pandemic. The turnover rose from 6.83 billion Euros in 2013 to 9.77 billion Euros in 2023, marking an overall consistent growth with occasional fluctuations. The sector experienced a severe downturn in 2020, with a -26.49% decrease in turnover but recovered quickly in the following years. The year-on-year growth rate in 2023 stood at 8.61%, indicative of the sector's resilience and recovery.
Over the past five years, from 2018 to 2023, the sector exhibited an average annual growth rate (CAGR) of 2.46%. Looking ahead, the forecasted data suggests continued growth, with turnover expected to reach 11.07 billion Euros by 2028, reflecting a forecasted five-year CAGR of 1.99%. This indicates a steady but moderate growth rate over the forecast period, predicting a 10.34% increase from 2023 to 2028.
Future trends to watch for in the sector include the impact of digitalization on guest experiences, increased sustainability practices, changes in consumer behavior post-pandemic, and the potential influence of economic conditions on discretionary spending in the accommodation and food services industry in Denmark.
