Forecast: Domestic Tourism Expenditure of Tourists on Accommodation Services in Malaysia

The domestic tourism expenditure of tourists on accommodation services in Malaysia has witnessed significant variations over the years. Initially, there was a consistent upward trend from 2013 to 2019, with notable increases year-on-year. In 2020, there was a drastic decline by 75.79% due to the impact of the COVID-19 pandemic. The market rebounded strongly in 2021 and continued its recovery in the following years. By 2023, the expenditure stood at 9.48 billion Malaysian Ringgits, reflecting a 21.58% year-on-year growth.

Over the last five years, the compound annual growth rate (CAGR) was 3.77%. Looking forward, the forecasted 5-year CAGR from 2024 to 2028 predicts a moderate growth rate of 2.15%.

• The year-on-year variation from 2021 to 2023 highlights the sector's resurgence post-pandemic.
• Expected growth from 2024 to 2028 indicates a steady increase in domestic tourism expenditure.

Future trends to watch for include the impact of sustainable tourism practices, advancements in digital tourism technology, and evolving consumer preferences towards experiential travel. Economic factors, including inflation and exchange rates, along with potential new disruptions such as pandemics or geopolitical issues, could also influence the market's trajectory.