Forecast: Tourism Output of Restaurant Industry in Australia

In 2023, the Australian restaurant industry achieved a tourism output of AUD 16.38 billion. Over the last decade, there has been a consistent upward trend in tourism output, peaking before a significant decline in 2020 due to the COVID-19 pandemic. The industry rebounded swiftly with a 65.57% increase in 2021 and continued to grow steadily in subsequent years. Over the past two years, the industry maintained healthy growth with a 14.3% rise in 2022 and a more modest 2.74% increase in 2023. The five-year compound annual growth rate (CAGR) from 2018 to 2023 was 3.37%.

Future forecasts indicate continued growth, with the tourism output projected to reach AUD 18.56 billion by 2028. The forecasted five-year CAGR is 2.08%, showing a slower, yet steady progression. Total projected growth over this period is 10.86%, highlighting continued resilience and growth potential in the industry.

Key future trends to watch include the impact of international tourism recovery, technological advancements in dining experiences, and changing consumer preferences towards sustainable and unique culinary offerings.