Based on the data provided, household expenditure on restaurants and hotels in Norway is forecast to rise steadily from 2024 to 2028, reaching 124.75 billion Norwegian Krones by 2028. This shows a consistent year-on-year increase: from 2024 to 2028, household spending is predicted to increase by approximately 3-3.5% annually.
In 2023, actual household expenditure on restaurants and hotels was approximately 107.54 billion Norwegian Krones. Comparing this to the forecasted value for 2024, there is a year-on-year increase of around 3.2%. Over the last two years, this trend of gradual increase has continued, reflecting a stable growth rate in consumer spending within this sector. The Compound Annual Growth Rate (CAGR) for the five-year forecast period (2024-2028) is estimated to be approximately 3%.
Future trends to watch for include:
- Potential impacts of economic factors such as inflation and changes in disposable income which could affect household expenditure.
- The influence of tourism trends, which may boost spending in the hospitality sector.
- Shifts in consumer preferences toward experiences and dining out post-pandemic.
