The Household Domestic Tourism Consumption of Vacation Homes Services in Australia exhibited a steady rise from 2013 to 2019, with a value peaking at AUD 4.37 billion in 2019. However, the sector witnessed a significant decline in 2020 due to the pandemic, dropping by 42.64%. Recovery followed in 2021, with a 64.42% increase. By 2023, the consumption reached AUD 4.77 billion, constituting a 2.12% year-on-year growth. The last five-year period reflected an average annual growth rate (CAGR) of 2.31%.
Future trends to watch for:
• Continuous steady growth, with a forecasted increase to AUD 5.26 billion by 2028.
• An annual average growth rate (CAGR) of 1.65% for the next five years.
• Potential impacts of economic factors, technological advancements, and changing consumer preferences on the tourism sector.
