The output demonstrated consistent growth from 2013 to 2019 with minor deviations, reaching a high of €20.31 billion in 2019. The significant decline in 2020 (-28.36%) was influenced heavily by the COVID-19 pandemic. Recovery began in 2021, surging by 19.73% and continued by 13.08% in 2022. Forecasts show a continuous positive trend with an 8.86% rise in 2023 and further steady growth reaching €24.04 billion by 2028, maintaining an average annual growth rate (CAGR) of about 1.8% over the next five years.
Expected growth is bolstered by rising tourism, increasing health and wellness trends, and investments in new recreational facilities. Monitoring the impact of economic conditions and technological advancements on consumer behavior will be crucial for future strategic planning in this sector.
