Forecast: Household Expenditure on Restaurants and Hotels in Austria

Household expenditure on restaurants and hotels in Austria witnessed a steady increase from 2013 to 2019, marked by a strong compound annual growth rate (CAGR) nearing 4.22%. However, the COVID-19 pandemic caused a significant drop in 2020, with a subsequent minor decline in 2021. A sharp recovery was noted in 2022, followed by a decrease in 2023, indicating volatile market conditions. Moving forward, the CAGR over the next five years is forecasted at a modest 1.11%, signaling a period of stabilization and moderate growth.

Future trends to watch:

• Pandemic Recovery: Continued recovery from COVID-19 impacts on consumer behavior.
• Inflation: Monitoring inflation trends which can affect discretionary spending.
• Tourism Dynamics: Shifts in global and local tourism patterns influencing restaurant and hotel occupancy rates.
• Technology Adoption: Increased adoption of digital solutions in the hospitality sector driving efficiency and consumer engagement.