The value added of accommodation and food services in France witnessed fluctuating trends from 2013 to 2019, with significant annual variations ranging from -1.92% to 7.9%. The year 2020 saw a sharp decline of 39.03%, primarily due to the pandemic's impact. This sector rebounded in 2021 with a notable 40.32% increase, followed by a solid growth rate of 21.74% in 2022. In 2023, the value stood at 75.43 billion euros, registering a year-on-year growth of 14.81%. Over the past five years, the sector experienced an average annual CAGR of 5.23%.
Looking ahead to the forecasted data from 2024 to 2028, the sector is expected to continue its positive trajectory, with a forecasted 5-year CAGR of 3.75% and a total growth rate of 20.23%. By 2028, the accommodation and food services value added is projected to reach 95.65 billion euros.
Future trends to observe include the sector's adaptation to technological advancements, shifts towards sustainable tourism, and potential impacts of global economic factors. Keeping an eye on consumer behavior changes and industry innovation will be crucial for stakeholders.
