The turnover of Travel Agency and Tour Operator Services in Finland has shown significant fluctuations over the past decade. Starting from a value of 1.31 billion Euros in 2013, the industry experienced a steady decline until 2016, followed by a slight recovery up to 2019. However, in 2020 the industry faced a dramatic drop of 64.26%, attributed to the COVID-19 pandemic's impact. This was followed by notable recovery rates in 2021 and 2022. By 2023, the value stood at 1.22 billion Euros, indicating a 14.41% year-on-year increase. Over the last two years, there has been a 20.85% overall increase, while the compounded annual growth rate over the last five years turns out to be -0.64%. The forecast moving forward suggests stability but slight decline, with a 5-year CAGR of -0.19% and an overall decrease forecasted at -0.93% by 2028.
Future trends to watch for include the effect of technological advances in travel services, sustainable and eco-friendly travel becoming more prominent, shifts in consumer behavior towards experiential travel, and the potential for economic fluctuations impacting disposable incomes and travel spending. These trends may influence the turnover direction over the next few years.
