The tourism consumption of vacation home services in Australia has shown a generally upward trend from 2013 to 2028. Starting at 4.53 billion AUD in 2013, there were consistent year-on-year increases until 2019, peaking at 5.5 billion AUD. However, 2020 saw a significant drop by 42.59% to 3.16 billion AUD due to the global pandemic but rebounded quickly to reach 5.91 billion AUD in 2022. By 2023, the value stood at 6.05 billion AUD.
Examining the data further:
- 2013-2019: Consistent growth with occasional slight deceleration.
- 2020-2023: Dramatic drop in 2020 followed by strong recovery.
- 2023 onwards: Forecast shows steady increase with a 2028 value at 6.7 billion AUD.
Year-on-year growth percentages over the last two years have normalized post-pandemic, showing 13.69% in 2022 and 2.23% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years, adjusting for pandemic impacts, stands at 2.44%. Forecasted CAGR from 2024 to 2028 is anticipated at 1.73% with an aggregate 8.95% growth rate over this term.
Future trends to watch for include:
- Potential impacts of fluctuating global economic conditions.
- Shifts in domestic and international travel behaviors post-pandemic.
- Emerging patterns in remote work and extended stays influencing vacation home demand.
- Environmental sustainability practices impacting tourism infrastructure and marketing.
