The accommodation and food services sector in Germany exhibited stable growth from 2013 to 2019, achieving a value of 1.6 Total Units by 2019. In 2020, a significant downturn occurred due to the pandemic, with output dropping to 1.1 Total Units, where it remained through 2021. The sector showed a substantial recovery in 2022, reaching 1.5 Total Units. However, 2023 saw a slight decline to 1.4 Total Units.
Notable Trends:
- 2013-2019: Steady growth with a peak at 1.6 Total Units.
- 2020: Sharp decline of 31.25% YoY due to COVID-19.
- 2022: Strong recovery with a 36.36% YoY increase.
- 2023: Slight decline by 6.67% to 1.4 Total Units.
Forecasts indicate a stabilized output at 1.3 Total Units from 2024 to 2028, reflecting cautious optimism with no significant growth anticipated. Looking ahead, future trends to watch for include the impact of technological advancements, changes in consumer preferences, and the potential for market consolidation.
