The accommodation and food services sales in the US have experienced notable variations over the past decade. The industry saw steady growth from 2013 to 2019, with an average compound annual growth rate (CAGR) of 4.26%. However, the sector faced a significant decline of -15.01% in 2020 due to the COVID-19 pandemic. Recovery efforts in 2021 and 2022 led to strong recovery growth rates of 10.93% and 13.56%, respectively. As of 2023, the sector achieved a value of USD 1025.6 billion, reflecting a modest year-on-year growth of 2.11%.
Forecasts from 2024 to 2028 indicate the industry will continue to grow, albeit at a slower pace with an anticipated 5-year CAGR of 1.65%, resulting in a projected market value of USD 1130.6 billion in 2028.
Future trends to watch for:
- Technological advancements in customer service and food delivery.
- Increased consumer demand for health and wellness-focused food options.
- Rising importance of sustainability and eco-friendly practices.
- Growth in domestic and international travel boosting accommodation spending.
- Potential impacts of economic conditions on discretionary spending.
