In 2023, household expenditure on restaurants and hotels in the US was valued at 1,134.4 billion USD. The sector exhibited considerable volatility in recent years, with notable declines in 2020 (-18.16%) due to COVID-19 impact followed by a substantial rebound in 2021 (27.67%) and strong growth in 2022 (17.62%). However, there was an 8.31% decline in 2023. Over the last five years, the Compound Annual Growth Rate (CAGR) stands at 3.38%.
Looking ahead, the forecast suggests a gradual increase in expenditure with a CAGR of 2.71% from 2024 to 2028, culminating in a growth rate of 14.31% over these five forecasted years.
Future trends to watch for:
- Impact of inflation and economic uncertainty on discretionary spending.
- Changes in consumer dining preferences, such as a shift towards delivery and online food services.
- Influence of sustainability practices and healthier food options on household choices.
Latest reports
US Hotel Market Report- Q1 2025
The US hotel market in the first quarter of 2025 is navigating a complex landscape shaped by economic uncertainties, geopolitical tensions, and evolving...
China Hotel Market Report- Q4 2024
In the fourth quarter of 2024, the China hotel market experienced dynamic shifts across various segments, significantly influenced by economic conditions and evolving...
Japan Hotel Market Report- Q1 2025
In the first quarter of 2025, Japan's hotel industry is poised for remarkable growth, driven by a robust tourism sector and strategic expansions...
Germany Hotel Market Report- Q4 2024
The Germany hotel market in Q4 2024 is characterized by dynamic changes driven by expansion, investment, and technological innovation. Key players are strategically...
India Hotel Market Report- Q1 2025
The first quarter of 2025 has been a transformative period for the hospitality market in India, with significant developments across various segments. International...
UK Hotel Market Report- Q1 2025
The UK hotel industry in Q1 2025 is characterized by significant shifts driven by sustainability initiatives, economic pressures, and evolving consumer preferences. The...
France Hotel Market Report- Q1 2025
The first quarter of 2025 has seen the French hotel market continue its dynamic recovery and transformation post-pandemic, emphasizing sustainability, innovation, and personalization...
Canada Hotel Market Report- Q4 2024
The Canadian hotel market in Q4 2024 experienced significant developments across various segments, marked by the integration of technological advancements and strategic expansions...
Brazil Hotel Market Report- Q1 2025
The Brazil hotel market in Q1 2025 is characterized by dynamic growth and strategic shifts, driven by a surge in international tourist arrivals...
Italy Hotel Market Report- Q1 2025
In the first quarter of 2025, the Hotel Italy market is experiencing a dynamic recovery, driven by strategic investments and a resurgence in...
