Analysis of the travel agency activities sector in Belgium reveals a fluctuating trend over the past decade. From 2013 to 2019, the sector experienced minor variations, averaging around 3.3 billion euros. However, the COVID-19 pandemic caused a significant decline in 2020, with turnover plummeting by 77.04%. The subsequent recovery saw significant year-on-year growth in 2021 and continued improvements through 2023, reaching 2.79 billion euros. The future, however, indicates a gradual decline in turnover, with a forecasted compound annual growth rate (CAGR) of -2.47% over the next five years, projecting ongoing but slower recovery to 2.39 billion euros by 2028.
Future trends to watch for:
- Impact of continued health concerns and potential travel restrictions on the sector.
- Increasing digitization and the integration of technology in travel bookings and customer service.
- Changes in consumer behavior, with potential increases in local travel and alternative travel experiences.
- Potential economic factors that could influence consumer spending on travel.
