The internal tourism consumption of food and beverage serving services in Australia has experienced significant fluctuations over the past decade. Beginning with a steady growth from 2013 to 2018, the sector was impacted heavily in 2019 and 2020 by external factors, experiencing substantial declines of 23.03% and 38.11%, respectively. This trend reversed in 2021 with a robust recovery of 62.32% and continued growth in subsequent years. As of 2023, the value stood at AUD 20.12 billion, showing a minimal year-on-year increase of 0.94%. Over the last five years, the sector has experienced a slight annual decline with a CAGR of -2.62%.
Looking forward, the forecast data from 2024 to 2028 suggests a modest recovery with annual growth rates stabilizing. The forecast indicates an average annual growth rate (CAGR) of 0.78%, leading to a cumulative growth rate of 3.94% over the five-year period.
Future trends to watch include evolving consumer preferences towards healthier and sustainable dining options, the influence of technology in enhancing customer experiences, and the continued impact of global travel restrictions and economic conditions on domestic tourism behaviors.
