From 2013 to 2023, household expenditure on restaurants and hotels in India has generally shown an upward trend, except for a significant dip in 2020 due to the COVID-19 pandemic, which saw a drastic decrease of 41.81%. This value recovered swiftly in 2021 with a 66.65% increase and continued to grow through 2023, standing at 212.4 thousand crores. From 2024 onwards, the forecasted data shows a steady climb, projecting a 2.46% CAGR over the next five years, with expenditure expected to reach 246.71 thousand crores by 2028.
Future trends to watch for include:
• Changes in consumer behavior post-pandemic, potentially influencing expenditure patterns.
• Impact of inflation and economic stability on disposable income and household spending capacity.
• Rapid urbanization and increasing middle-class population boosting demand for dining out and hospitality services.
• Technological innovations like online food delivery platforms and digital payment systems enhancing consumer convenience and market growth.
