The consumption of accommodation services in Australia demonstrated steady growth from 2013 to 2019, with year-on-year variations mostly positive, highlighting consistent demand. However, in 2020, amid the COVID-19 pandemic, there was a sharp 43.42% decline. A robust recovery followed in 2021 with a 63.26% rise. By 2023, the market stabilized at 3.57 Billion AUD, with a moderate increase of 1.48% from the previous year. Over the last five years, the CAGR stands at 1.72%, indicating a gradual growth trend. Forecasted data from 2024 onwards suggests continued growth, reaching 3.82 Billion AUD by 2028, with an anticipated 5-year CAGR of 1.19%.
Future trends to watch include the impact of evolving work-from-home policies on business travel demand, the potential of eco-tourism, and government stimulus for the tourism sector to drive consumption further.
