Hospitality Industry In Italy Market Size

Italy Hospitality Market Analysis

The Hospitality Industry In Italy Market size is estimated at USD 9.61 billion in 2024, and is expected to reach USD 10.20 billion by 2029, growing at a CAGR of 1.22% during the forecast period (2024-2029).

Worldwide, the tourism sector has been one of the hardest hit industries by the current Covid-19 pandemic. In 2019, Italy was the fifth most visited country in the world, with 94 million foreign tourists. In 2020 it was presumably registered 55% fewer admissions.

The hospitality industry in Italy is recording growing revenues. This growth is attributed to the rising tourism industry, which recorded a growth of EUR 100 billion and welcomed more than 63 million tourists in 2022. The demand from domestic companies and different European Union countries has become the key driver for the tourism industry, and it accounts for around 60% of the tourism industry in Italy. This trend is reflected in the growth of domestic and international branded hotels and their chains, with a double difference in their present rates across the country. International visitors are restricted to Milan and Rome in high numbers, followed by Florence and Venice. With over 45 international 5-star hotels, Rome has become the home of high-end luxury brands.

The hospitality industry in Italy is the largest market, and it occupies the fourth position in the world in terms of the number of available rooms, with a total of around 1 million rooms, preceded by the United States, China, and Japan. Italy is also registering more overnight stays. Most of the international brands have management contracts in the region.