From 2013 to 2019, the wages and salaries of the food and beverage services in Austria experienced a steady increase due to a strong year-on-year growth rate, averaging around 5.95% CAGR. The sharp decline in 2020, with a YoY decrease of 19.59%, reflects the impact of the global pandemic. The recovery started in 2021, marking a notable 17.69% increase and continued growth into 2023 where the value stands at 3.33 Billion Euros, registering an 8.55% YoY improvement. The last five years saw a 3.67% CAGR indicating a resilient sector.
Looking ahead, the forecast projects a steady growth, with a five-year CAGR of 2.93%, culminating in a 15.56% increase by 2028, reaching 4.01 Billion Euros. Key future trends to watch include technological advancements in operational efficiencies, shifts in consumer dining preferences, and the potential impacts of economic policy changes and labor market conditions on wage growth.
