The Austrian Accommodation and Food Service Activities sector demonstrated an overall steady upward trend between 2013 and 2019, culminating in a peak value of 22.42 billion Euros in 2019. The COVID-19 pandemic in 2020 caused a significant contraction with a 25.89% decline, affecting the sector deeply. Recovery began in 2021 with a 23% increase, followed by a solid 13.64% growth in 2022, reaching 23.22 billion Euros. By 2023, the value was 25.48 billion Euros, reflecting a 9.72% year-on-year increase. The sector is forecasted to continue growing at a 5-year CAGR of 2.58%, with an estimated value of 30.03 billion Euros by 2028.
Future trends to watch for include:
- The impact of ongoing digital transformation on service offerings and efficiency.
- The influence of changing consumer behaviors and preferences post-pandemic.
- Adaptations to potential regulatory changes, particularly in sustainability and health standards.
- Investment in eco-friendly and energy-efficient facilities responding to increased demand for sustainable tourism.