The AIB Hospitality & Tourism Report for the first half of 2024 shows a mixed performance across the sector. While some areas saw growth, others experienced a slight decline compared to H1 2023.
Key Insights:
- Pubs had the strongest performance with an 11.4% increase in overall spend, driven by a surge in transaction numbers.
- Restaurants saw a modest rise of 3.8%, with a slight increase in average transaction size, while fast-food outlets experienced a 3.4% growth.
- The accommodation sector faced a 2.6% decline in overall spend, as the staycation market softened.
- Airline transactions grew by 4.5%, with an overall spend increase of 7.3%. Similarly, travel agents and tour operators saw a 14.3% rise in spend, pointing to a shift in consumer preference for international travel.
The report indicates that the sector still faces inflationary challenges but highlights promising trends in outbound travel, airline services, and strong domestic demand in pubs and restaurants. Looking ahead, AIB’s macroeconomic outlook for the remainder of 2024 is optimistic, with stable employment and domestic growth expected to support continued consumer spending.
