The production value of accommodation and food services in Austria has demonstrated a general trend of growth over the past decade, with significant fluctuations. From 2013 to 2019, the sector saw consistent annual increases, peaking in 2019 before experiencing a substantial decline of approximately 25.89% in 2020 due to the impact of COVID-19. Recovery was swift in the subsequent years, with strong growth rates of around 23% in 2021 and 13.64% in 2022. By 2023, the sector's value stood at EUR 25.48 billion, representing a 9.72% increase from the previous year.
Over the past five years, the compound annual growth rate (CAGR) was 3.5%, a testament to the sector's resilience and steady recovery. Looking ahead, from 2024 to 2028, the forecasted CAGR is 2.58%, signifying a more moderate but stable growth trajectory. By 2028, the production value is expected to reach EUR 30.03 billion, marking a total forecasted five-year growth rate of 13.57%.
Future trends to watch for:
- Technological advancements in service delivery and customer engagement.
- Changes in consumer behavior post-pandemic, with a potential shift towards more sustainable and local travel experiences.
- Government policies and economic factors that could impact tourism and hospitality.
- Emergence of new business models and the adaptation of existing ones to the evolving market environment.
