The Australian restaurant industry's gross value added in tourism was 6.44 billion AUD in 2023. Forecasts for 2024 onwards show a steady annual increase: 6.61 billion AUD in 2024, 6.79 billion AUD in 2025, 6.97 billion AUD in 2026, 7.15 billion AUD in 2027, and 7.32 billion AUD in 2028. The year-on-year variation shows an approximate growth of 2.7% annually. The compound annual growth rate (CAGR) over the five years from 2024 to 2028 is expected to be around 2.6%.
Future trends to watch for:
- The impact of changing international travel trends on the restaurant industry.
- Technological advancements in food service and delivery options.
- Pandemic recovery effects on consumer dining habits.
- Government policies and economic factors affecting tourism.
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