Forecast: Household Expenditure on Restaurants and Hotels in Türkiye

From 2013 to 2023, household expenditure on restaurants and hotels in Türkiye experienced moderate growth, followed by some significant fluctuations. The value in 2023 stood at 42.51 billion Euros. The period from 2013 to 2019 saw steady increases with minor exceptions, but a sharp decline in 2020 due to the pandemic was observed, followed by a recovery phase marked by significant growth in 2022 and a slight decrease in 2023. The Compound Annual Growth Rate (CAGR) over the last five years up to 2023 stood at 4.7%.

The forecasted data from 2024 to 2028 suggests continued growth, with a CAGR of 2.54%. This indicates a slow but steady increase, reflecting a more stable trajectory after the recovery from pandemic-related disruptions. The overall forecasted growth rate over the next five years is expected to be 13.34%.

Future trends to watch for:

• Potential economic instabilities influencing household expenditure patterns.
• Persistent impacts and shifts in consumer behavior post-COVID-19.
• Global economic conditions affecting tourism and hospitality industries.
• Inflation rates and currency fluctuations impacting purchasing power.
• Technological advancements and their integration into the service sector.