The production value in the Tour Operator Activities sector in Belgium shows a fluctuating trend over the past decade. From 2013 to 2016, the sector experienced a decline, hitting its lowest point in 2016 with a production value of 1.41 billion Euros. A recovery phase can be observed from 2017, peaking momentarily in 2018. The year 2020 saw a significant drop due to the COVID-19 pandemic, but the sector rebounded strongly in 2021 and continued to grow in 2022 and 2023. As of 2023, the production value stands at 1.8 billion Euros. The year-on-year variation observed for 2023 is 15.39%, indicating a strong recovery phase prior to the forecast period. The CAGR for the last five years up to 2023 is -2.15%, showing the effects of the earlier decline and the pandemic impact.
Looking forward, the forecast data suggest a gradual but steady increase in production value, with a projected CAGR of 0.43% from 2024 to 2028. By 2028, the production value is expected to reach 1.85 billion Euros, representing a growth of 2.18% from the forecasted value in 2023. Key future trends to watch for include the impact of technological advancements on tour operations, changes in consumer preferences towards sustainable and personalized travel experiences, and potential regulatory changes within the European tourism sector.
