From 2013 to 2019, international tourist expenditures for passenger transport items in Belgium experienced moderate fluctuations with notable declines in 2015, 2016, and 2019. The onset of the COVID-19 pandemic in 2020 led to a drastic reduction of 60.47% in expenditures, plummeting to $0.893 billion. This was followed by a recovery phase, with 85.76% growth in 2021 and a 30.51% increase in 2022. By 2023, expenditures reached $2.5469 billion, achieving a year-on-year growth of 17.64% and a five-year compound annual growth rate (CAGR) of 1.65%.
Looking ahead, forecasted data from 2024 to 2028 indicates a steady growth trajectory, with expenditures expected to rise from $2.6302 billion in 2024 to $2.9552 billion in 2028. The projected five-year CAGR is 2.36%, suggesting modest but consistent growth.
Future trends to watch for:
- Impact of digital transformation and contactless technologies on travel experiences.
- Shifts in travel patterns due to environmental sustainability initiatives.
- Potential geopolitical and economic disruptions affecting international travel demand.
