Forecast: Tourism Consumption in Australia

Tourism consumption in Australia has witnessed significant variations over the past years. From 2013 to 2019, there was a steady increase with a Compound Annual Growth Rate (CAGR) peaking at 5.79% in 2019. However, the COVID-19 pandemic in 2020 caused a substantial decline of 43.32% year-on-year, reflecting the negative impact on the tourism sector. A strong recovery followed in 2021 with a 64.96% year-on-year growth. By 2023, the value reached 153.92 Billion Australian Dollars, showing a modest 2.41% increase year-on-year.

Looking ahead, the forecast from 2024 to 2028 suggests a steady but slower growth rate with a 5-year CAGR of 1.86%, indicating a return to a more stable growth pattern. The overall growth over this period is estimated at 9.63%.

Future trends to watch for include:

• Impact of global economic conditions on Australian tourism.
• Travel behavior changes post-pandemic.
• Government policies and incentives to boost tourism.
• Technological innovations in the tourism industry.