The international tourism consumption of accommodation services in Australia stood at 5.29 Billion AUD in 2023. Over the past decade, the industry has demonstrated significant fluctuations. Key growth years were 2016 and 2019, with year-on-year growth rates of 7.16% and 5.29%, respectively. The industry saw a dramatic decline in 2020 with a decrease of 43.23%, followed by a recovery phase, showing a 64.79% increase in 2021 and continued growth up to 2023. The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) is approximately 2.77%.
Future trends to watch for:
- Estimated optimistic growth with an average annual increase of 1.79% leading up to 2028.
- Total forecast growth from 2023 to 2028 is anticipated to be 9.26%.
- Potential influencing factors include changes in global travel demand, economic conditions, and any lingering effects of the COVID-19 pandemic.
