The final consumption expenditure for restaurants and hotels in Malaysia is projected to show a steady increase from 2024 to 2028. The expenditure is forecasted to rise from MYR 131.71 billion in 2024 to MYR 169.78 billion in 2028. This marks a continuous growth trend over the forecasted years.
To put this into context, in 2023, the actual expenditure stood at MYR 122 billion. From 2023 to 2024, the year-on-year growth is forecasted at approximately 8%. Moreover, the year-on-year growth rates for 2025, 2026, 2027, and 2028 are projected to be approximately 7.3%, 6.8%, 6.3%, and 5.8% respectively. The compound annual growth rate (CAGR) from 2023 to 2028 is around 6.9%.
Future trends to watch for include potential changes in consumer behavior due to economic factors, technological advancements in the hospitality sector, and evolving market dynamics influenced by both local and global events.