From 2013 to 2019, household expenditure on restaurants and hotels in Denmark demonstrated a generally upward trend, growing from €6.82 billion to €9.08 billion. This growth was characterized by annual increases with year-on-year percentages ranging from 1.84% to 8.44%. The compound annual growth rate (CAGR) during this period averaged around 4.38%, reflecting steady consumer spending increases in the hospitality industry.
However, 2020 marked a significant decline in expenditure due to the COVID-19 pandemic, plummeting by 24.45% to €6.86 billion. The subsequent years saw robust recovery, especially in 2022, with a 35.18% increase, reaching €10.94 billion. By 2023, expenditure slightly declined to €9.35 billion, a 14.49% decrease from the previous year, but bounced back with a projected increase to €9.62 billion in 2024.
Looking forward to the period from 2024 to 2028, the forecast projects a steady increase in household expenditure on restaurants and hotels, with an anticipated average annual growth rate of 2.07%, culminating in an estimated €10.66 billion by 2028. This reflects a more moderated but consistent recovery and growth following the pandemic disruptions.
Future trends to watch for include the impact of inflationary pressures on consumer spending, the resurgence of international tourism, digitalization in the hospitality sector, and potential shifts in consumer preferences towards more sustainable and experiential dining and lodging options.
