Australia's internal tourism expenditure on food and beverage serving services exhibited a consistent upward trend from 2013 to 2018, with notable year-on-year increases averaging around 6-7%. The trend was significantly disrupted in 2019 and 2020 due to the COVID-19 pandemic, leading to substantial declines of -23.03% and -13.02% respectively. However, the sector demonstrated resilience with a robust recovery post-pandemic, as seen in the 41.58% increase in 2021. Expenditure continued to rise in 2022 and 2023, with a steady growth of around 8% and 6.27% respectively, standing at 25 billion Australian Dollars in 2023.
Looking forward, the forecasted data from 2024 to 2028 suggests sustained growth at a slower yet stable CAGR of 2.41%, culminating in a forecasted value of 29.1 billion Australian Dollars by 2028, representing an estimated growth of 12.63% over five years. This highlights steady optimism and potential recovery in the tourism expenditure landscape.
Future trends to watch for include potential impacts of economic conditions, shifts in consumer behavior toward sustainable tourism, and technological advancements in food services that could drive further growth or pose new challenges.
