In the Accommodation and Food Service Activities sector in the UK, the turnover in 2023 stood at 117.80 Billion Pounds Sterling. The forecasted data for the years 2024 to 2028 show a steady increase, with values reaching 119.19 Billion Pounds in 2024, 121.69 Billion Pounds in 2025, 124.14 Billion Pounds in 2026, 126.54 Billion Pounds in 2027, and 128.89 Billion Pounds by 2028. The year-on-year variations indicate continuous positive growth, reflecting a stable upward trend.
The year-on-year variations are as follows:
- 2024: ~1.18% increase over 2023
- 2025: ~2.10% increase over 2024
- 2026: ~2.02% increase over 2025
- 2027: ~1.93% increase over 2026
- 2028: ~1.86% increase over 2027
The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is approximately 1.93%, highlighting a consistent and sustainable growth pattern over the five-year period.
Future trends to watch for in this sector include the impact of emerging technologies on service delivery, changes in consumer preferences towards more sustainable and health-conscious options, and potential regulatory changes affecting business operations. Additionally, monitoring the effects of any geopolitical and economic shifts will be critical for understanding long-term prospects.
