The production value of travel agency and tour operator services in Belgium, expressed in billion euros, has shown a fluctuating trend from 2013 to 2023. The industry saw a steady decline from 2013 through 2016, with a significant drop of 10.28% in 2016. A brief recovery occurred in 2017 and 2018, but the value dipped again by 6.02% in 2019. The industry experienced an unprecedented decline of 72.98% in 2020 due to the COVID-19 pandemic, followed by a significant rebound of 129.95% in 2021. The upward trend continued through 2023, ending the year at 4.62 billion euros, a 15.5% increase from the previous year. Over the last five years, the Compound Annual Growth Rate (CAGR) was -2.2%.
Looking ahead from 2024 to 2028, the production value is expected to see a gradual decline with a 5-year forecasted CAGR of -1.1%, indicating a decrease of approximately 5.38% over this period. This suggests a stabilization phase post the COVID-19 recovery, leading to a moderate downward trend.
**Future trends to watch for**:
- Continued impact of technological advancements and digital transformation on travel agencies.
- Changing consumer preferences towards sustainable and eco-friendly travel options.
- The influence of geopolitical stability and economic factors on travel demand.
- Potential resurgence or decline in international travel restrictions and their impact on the industry.
