Forecast: Household Expenditure on Restaurants and Hotels in Turkey

The analysis of household expenditure on restaurants and hotels in Turkey reveals a significant upward trend from 2013 to 2023. In 2023, the expenditure stood at 1316.7 billion New Turkish Liras, marking a year-on-year increase of 59.39%. However, the sharpest growth was observed in 2022, with a staggering 153.46% year-on-year rise. Over the last five years, the compound annual growth rate (CAGR) has averaged 15.48%, indicating robust long-term growth despite occasional fluctuations such as the dip in 2020.

Future trends to watch for include:

• Sustained year-on-year growth, with a forecasted CAGR of 15.48% through 2028.
• Potential external economic factors such as inflation and currency fluctuations that may impact forecasts.
• The influence of evolving consumer behaviors and tourism trends on the expenditure patterns.
• Technological advancements and digital integration in the hospitality sector driving efficiencies and consumer engagement.