The historical data on household expenditure on restaurants and hotels in Italy indicates a steady increase from 2013 to 2019. The expenditure peaked in 2019 with a value of 112.97 billion Euros. However, in 2020, the expenditure plummeted by 41.11% due to the COVID-19 pandemic. The recovery was significant in 2021 and 2022, with a 35.45% increase reaching 111.32 billion Euros, close to pre-pandemic levels. In 2023, expenditure declined by 11.84%, suggesting volatility and uncertainty in the market.
Forecasted data from 2024 to 2028 show a continuous slight decline, marking a negative growth trend. The projected compound annual growth rate (CAGR) over the next five years is -0.63%, indicating an overall minor reduction in household expenditure on restaurants and hotels.
Key Points:
- 2013-2019: Steady growth in expenditure
- 2020: Sharp decline due to COVID-19
- 2021-2022: Strong recovery, near pre-pandemic values
- 2023: Slight decline, ongoing volatility
- 2024-2028: Forecasted gradual decrease with a negative CAGR of -0.63%
Future trends to watch include potential economic impacts from inflation, changes in consumer behavior post-pandemic, and evolving tourism dynamics, which can significantly influence household expenditure on restaurants and hotels in Italy.