The Accommodation and Food Service Activities sector in Chile has shown a robust growth trajectory. In 2023, the value stood at 8687.0 billion Chilean Pesos. Over the past decade, the sector saw significant fluctuations, notably the sharp increase in 2014 (421.01%) and a substantial dip in 2020 (-12.24%) due to the pandemic. However, recovery has been steady, with a 26.89% increase in 2021. The average annual growth rate (CAGR) from 2018 to 2023 was 5.29%, indicating a stable upward trend. Projections from 2024 to 2028 predict a CAGR of 3.26%, translating to a 17.37% overall growth.
Future trends to watch for:
- Adaptation to changing consumer behaviors post-pandemic
- Impact of technology and digital transformations on service delivery
- Potential growth from increased tourism inflow
- Government policies and economic stability affecting the sector
