The household expenditure on accommodation services in Australia has shown a notable upward trend from 2013 to 2023. In 2023, the expenditure reached AUD 24.35 billion. This represents a significant increase, particularly following the notable declines of 2019 and 2020, which were due to economic uncertainties and the impacts of the COVID-19 pandemic. The years 2021 and 2022 saw robust rebounds with respective year-on-year increases of 27.21% and 36.08%, reflecting a strong recovery.

From 2024 onward, the forecasted data suggests a sustained and accelerated growth trajectory. The projected CAGR from 2024 to 2028 is 10.76%, with expenditure expected to reach AUD 48.95 billion by 2028. This underscores a strong and optimistic outlook for the accommodation services market.

Future trends to watch for:

Continued recovery and growth in tourism and travel-related accommodation demand.
Impact of inflation and economic policies on household spending capacity.
Technological advancements and new business models in the accommodation sector.
Socio-economic impacts such as changing household compositions and urbanization trends.