The Accommodation and Food Service Activities sector in France has demonstrated significant fluctuations over the last decade. From 2013 to 2019, the sector experienced steady growth, peaking at a substantial year-on-year increase in 2019 of 4.61%. However, the onset of the COVID-19 pandemic in 2020 led to a dramatic decline of 31.21% in value. The sector rebounded quickly, reflected in a 24.61% increase in 2021 and continued strong growth into 2022 and 2023, reaching a value of 117.02 billion Euros in 2023. Over the past five years, the sector has achieved an average annual growth rate (CAGR) of 2.4%.
Looking forward to the forecasted data from 2024 to 2028, the sector is expected to continue its upward trajectory, albeit at a slower pace, with a forecasted five-year CAGR of 2.01%. This suggests that while growth will continue, it may stabilize as the market matures.
Future trends to watch for:
- Technological advancements and digitalization in service delivery.
- Impact of sustainability and environmental concerns on operations and consumer preferences.
- Shifts in consumer behavior post-COVID, emphasizing health, safety, and local experiences.