The household expenditure on restaurants and hotels in Spain demonstrated a steady increase from 2013 to 2019, with notable growth rates, peaking at 110.81 billion Euros in 2019. The impact of the COVID-19 pandemic is evident in 2020, where expenditure plummeted to 58.98 billion Euros, marking a significant year-on-year decrease of 46.78%. Recovery began in 2021 with a 40.36% increase, further accelerating to 42.55% in 2022. However, a slight decline of 13.04% was observed in 2023, bringing the value to 102.62 billion Euros. Over the past five years, the compound annual growth rate (CAGR) was -0.88%.
Looking ahead, the forecasted values from 2024 to 2028 suggest a moderate growth trajectory, with the expenditure expected to reach 110.28 billion Euros by 2028, reflecting a 1.14% CAGR over the next five years and an overall growth rate of 5.85%.
Key future trends to watch for include:
- Recovery and stabilization patterns post-pandemic.
- Shifts in consumer behavior and preferences towards dining and travel.
- Inflation and economic factors influencing discretionary spending.
- Impact of digital transformation in the hospitality and restaurant sectors.
