Forecast: Restaurants and Hotels Nominal Expenditure in Austria

The nominal expenditure on restaurants and hotels in Austria presented a steady growth trend from 2013 to 2019, with year-on-year variations ranging from 2.82% to 5.57%. However, 2020 marked a significant downturn with a decline of 26.78% due to the impacts of the pandemic, which further extended into 2021 with a 7.52% decline in nominal expenditure. The sector started to recover in 2022 with a 12.87% increase, and by 2023, expenditure stood at €21.75 thousand, up by 1.56% from the previous year.

For the forecast period from 2024 to 2028, the market is expected to show a moderate recovery with a 5-year CAGR of 1.18% and an overall growth of 6.02%. This points towards a gradual stabilization and potential growth in nominal expenditure on restaurants and hotels in Austria.

Future trends to watch for:

• Increased consumer confidence and spending as global economic conditions normalize.
• The impact of inflationary pressures on nominal expenditure in the hospitality sector.
• Growth in tourism and the potential influence of major events or policy changes on the hospitality industry.
• The evolution of consumer preferences towards dining and accommodation, potentially driving innovation within the sector.