The turnover of hotels in Belgium has shown significant variations over the past decade. From 2013 to 2019, there was a general upward trend with some fluctuations, such as a slight decline in 2016. The turnover peaked in 2019 before a substantial drop in 2020 due to the pandemic, which led to a 51.97% year-on-year decrease. However, the sector demonstrated resilience with recovery starting in 2021 and showing steady growth through 2023, where the value stood at 2.58 billion Euros. The CAGR for the past five years (2019-2023) is 2.77%, indicating moderate growth.
Future forecasts (2024-2028) suggest a continuous positive trajectory, with turnover predicted to reach 3.05 billion Euros by 2028. The forecasted 5-year CAGR is 2.68%, pointing towards stable incremental growth.
Key future trends to watch for include the increasing influence of digitalization on hotel operations, shifts in consumer preferences post-pandemic towards more sustainable and personalized experiences, and the potential impact of economic fluctuations on tourism demand. Additionally, investments in new technologies and enhancements in service levels will likely be pivotal in driving growth in the hospitality sector.
