The outbound tourism expenditure of visitors on accommodation services in Malaysia has seen significant growth over the past decade. From 2013 to 2019, there was a consistent increase, peaking at 10.08 billion MYR in 2019. However, the COVID-19 pandemic in 2020 caused a steep decline to 3.73 billion MYR. By 2021, the market began recovering with expenditures rising to 7.38 billion MYR and continuing to increase to 9.93 billion MYR in 2022. As of 2023, it reached 11.96 billion MYR, showing a growth of 20.38% from the previous year. The average annual growth rate (CAGR) over the past five years (2018-2023) is 4.44%.
Looking forward, the forecast indicates a positive trend with expenditures expected to rise steadily, reaching 14.83 billion MYR by 2028. The forecasted 5-year CAGR stands at 3.4%, highlighting a moderate but steady growth in outbound tourism expenditure on accommodation services.
Future trends to watch for include the impact of post-pandemic travel behavior, potential economic fluctuations, and the influence of global events on travel patterns. Emergence of new travel destinations and advancements in accommodation services are also key factors that may shape the future of outbound tourism expenditure in Malaysia.
