In 2023, the United Kingdom led Europe in nominal expenditure on restaurants and hotels, experiencing a 3.18% annual increase. France, Italy, and Germany faced declines, with Italy and Spain dropping significantly by 4.56% and 5.77%, respectively. Positive trends emerged in Poland, Romania, and Lithuania, showing rising expenditures, while Serbia's expenditure surged by 7.04%. Interestingly, Albania saw a remarkable 12.49% increase, indicating significant market potential. The 5-year Compound Annual Growth Rate (CAGR) suggests steady growth for several countries despite recent fluctuations.
Future trends to watch include rising consumer expenditure in Eastern Europe and potential recovery in Western European countries. Moreover, shifts in tourism patterns and consumer preferences towards sustainable tourism could shape the landscape. Increased investments in technology and digitization within the hospitality industry might also drive growth, catering to evolving demands.
Top countries in Restaurants and Hotels Nominal Expenditure by Country
| # | 10 Countries | Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United Kingdom | 140,660 | 2023 | +9.48% | +3.18% | View data |
| 2 | 2 France | 87,760 | 2023 | +6.35% | -1.01% | View data |
| 3 | 3 Italy | 87,610 | 2023 | -3.05% | -4.56% | View data |
| 4 | 4 Spain | 79,700 | 2023 | -7.45% | -5.77% | View data |
| 5 | 5 Germany | 76,040 | 2023 | -0.77% | -3.52% | View data |
| 6 | 6 Netherlands | 27,850 | 2023 | +3.27% | -0.9% | View data |
| 7 | 7 Switzerland | 22,530 | 2023 | +0.44% | -3.41% | View data |
| 8 | 8 Austria | 21,750 | 2023 | +1.56% | -4.25% | View data |
| 9 | 9 Greece | 19,180 | 2023 | -4.57% | -3.83% | View data |
| 10 | 10 Portugal | 17,810 | 2023 | +10.88% | -1.31% | View data |
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