Forecast: Turnover of Hotels in Austria

The turnover of hotels in Austria experienced steady growth from 2013 to 2019, with notable increases each year, culminating in a peak turnover of 10.46 billion Euros in 2019. However, the industry was significantly impacted in 2020, with a drastic decline of 28.01% due to the COVID-19 pandemic. Recovery began in 2021 with a substantial increase of 26.47%, followed by continued growth in 2022 and an 11.47% rise in 2023, reaching 12.3 billion Euros in turnover.

The forecasted data from 2024 to 2028 suggests a continual upward trend, with a 5-year CAGR of 3.41% and an overall growth rate of 18.27%, projecting the turnover to reach 15.27 billion Euros by 2028.

The trends to watch for in the future include:

• Continued recovery and growth post-pandemic as tourism stabilizes. • Potential impacts of economic fluctuations and geopolitical developments on tourism. • Increasing importance of sustainability and eco-friendly practices within the hospitality industry. • Advances in technology and digitalization influencing customer experiences and operational efficiencies.