This data file includes the Inequality and Poverty Key Figures (as of March 2022), constructed for all Luxembourg Income Study (LIS) Study datasets in all waves. It includes multiple national-level measures: • on inequality measures: Gini, Atkinson coefficients, and percentile ratios • on relative poverty rates for various demographic groups • median and mean of disposable household income

This statistic displays the average monthly disposable income per person in Luxembourg from 2003 to 2020 (in euros). In 2020, the average disposable income per person in Luxembourg was approximately 4,897 euros per month.

How widely are the benefits of economic growth shared in advanced societies? Do the rich capture the gains of growth, with little or no improvement in the living standards of the middle? Is growth raising the incomes of the poor so that they keep pace with the middle, or is the gap between rich and poor closing? Addressing these questions requires careful analysis of both the growth and distributional aspects of incomes. This article looks at the growth of disposable incomes – incomes after the redistribution through the state – over time. We rely on the Incomes across the Distribution Database put together by researchers Brian Nolan, Stefan Thewissen, and Max Roser. This data set is directly available for download: Data and data description.

The data source for our database is the microdata published by the Luxembourg Income Study (LIS) Database. You can also access our database via the website of the LIS: Cross-National Data Center in Luxembourg.

Changing living standards

Cross-national research on the causes and consequences of income inequality has been hindered by the limitations of the existing inequality datasets: greater coverage across countries and over time has been available from these sources only at the cost of significantly reduced comparability across observations. The goal of the Standardized World Income Inequality Database (SWIID) is to meet the needs of those engaged in broadly cross-national research by maximizing the comparability of income inequality data while maintaining the widest possible coverage across countries and over time. The SWIID’s income inequality estimates are based on thousands of reported Gini indices from hundreds of published sources, including the OECD Income Distribution Database, the Socio-Economic Database for Latin America and the Caribbean generated by CEDLAS and the World Bank, Eurostat, the World Bank’s PovcalNet, the UN Economic Commission for Latin America and the Caribbean, national statistical offices around the world, and academic studies while minimizing reliance on problematic assumptions by using as much information as possible from proximate years within the same country. The data collected and harmonized by the Luxembourg Income Study is employed as the standard. The SWIID currently incorporates comparable Gini indices of disposable and market income inequality for 199 countries for as many years as possible from 1960 to the present; it also includes information on absolute and relative redistribution.

This data is part of a research project on the impact of consumption taxes on inequality by Julien Blasco, Elvire Guillaud and Michaël Zemmour.

Our project is currently published in the LIS Working Paper Series. You may cite it as:

Blasco J., Guillaud E., Zemmour M. (2020) “Consumption Taxes and Income Inequality: An International Perspective with Microsimulation”, LIS Working Paper Series, No. 785.

You are free to use the datasets we provide here, but please cite them as:

Blasco J., Guillaud E., Zemmour M., Data on the Impact of Consumption Taxes on Income Inequality, https://doi.org/10.5281/zenodo.4291984, October 2020.

For detailed information on the method used, please refer to Blasco, Guillaud and Zemmour (2020). In particular, the appendices describe the imputation models used for consumption. All the coefficients are given, which allows for a replication of this imputation method in other datasets.

The code used is available at https://github.com/JulienBlasco/consumption-taxes.

Our data is base on surveys on income and consumption, harmonized by the Luxembourg Income Study. We used OECD Statistics for National Accounts data on income, consumption and consumption tax revenue.

Description of the data

The data is constituted of five tables.

Two datasets are aggregated indicators at the country-year level, such as Gini coefficients for different concepts of income, global consumption tax-to-income ratios, anti-redistributive effect of consumption taxes:

For the core model (82 country-years): ConsumptionTaxes_indicators_coremodel.dta

For the lighter model (126 country-years): ConsumptionTaxes_indicators_xtnddmodel

Two datasets are variables broken down by percentiles of disposable income, within each country-year. Please note that these data are mainly for graphing purposes, not detailed analysis at the percentile level:

Core model (82 country-years): ConsumptionTaxes_percentiles_coremodel

Lighter model (126 country-years): ConsumptionTaxes_percentiles_xtnddmodel

One dataset that contains the implicit effective tax rates on consumption, computed with National Accounts data: 18-07-27 OECD_itrcs.dta

Personal and household goods rental and leasing revenue is forecast to contract at a compound annual rate of 3.7% over the five years through 2024 to €23.9 billion, including an estimated drop of 0.3% in 2024. As technology and appliances become more affordable, consumers and businesses increasingly prefer owning rather than renting. The trend against rentals is robust in countries like Poland and Italy, which have the lowest EU prices on home appliances and electronics. However, the rental market remains viable for short-term needs such as those of international students, accounting for a significant portion of rentals in countries like Germany, France and the Netherlands. In response to changing consumer tastes, rental companies now offer rent-to-own schemes that allow consumers to purchase rented equipment at a reduced price. While the profitability of the rental industry has suffered due to lower electronics prices and increased sourcing from low-cost countries, rental companies have sustained their profit through multiple rentals over the lifespan of their equipment. Revenue is forecast to expand at a compound annual rate of 5.7% over the five years through 2029 to €31.6 billion, while the average profit margin is expected to shrink. Major electronic retailers are cutting prices to boost competitiveness, threatening income. Technological advancements reducing the life cycle of electronics, coupled with a solid economic climate in Germany, promise higher disposable incomes and increased consumption. Higher sales of electronic goods will make electronic appliances more accessible to a broader consumer base and impact the growth of the rental sector.

Stalls and markets’ industry revenue across Europe is anticipated to contract at a compound annual rate of 5.9% to €38.6 billion over the five years through 2024. The owner-operator nature of the industry and the small size of stalls mean that no companies have any substantial scale and instead operate from one stall. This does cap revenue due to limited expansion opportunities and stalls that are the most successful tend to open shops or restaurants. Stalls and markets experience some seasonal demand spikes. At Christmas time, visiting stalls across Europe is a festive tradition for many people which boost sales and revenue. High inflation because of the Russia-Ukraine conflict and the COVID-19 outbreak skyrocketed the price of food and beverages in 2023 and they have remained high in 2024. Markets across Europe have raised their prices to pass on extra supply costs to their customers, but disposable income has fallen so people are spending less in markets. Revenue is anticipated to contract by 3.2% in 2024. Profit depends largely on the type of goods that each stall sells and is set to be 11.1% in 2024. Revenue is expected to grow at a compound annual rate of 3% to €44.7 billion over the five years through 2029. Demand for food markets especially is set to grow since customers across Europe are looking for sustainably sourced, organic and local products since health consciousness and environmental awareness is building. Markets will innovate by introducing delivery services to garner more local community support. Social media will also continue to be asset to markets looking to drive up sales since it lures more customers.

Consumer sentiment, disposable income levels and drinking habits impact spending on drinking establishments. Europe is known for its well-established drinking culture, which varies from country to country. Beer and wine consumption are very popular on the continent, with many countries also major producers of these beverages. However, alcohol consumption per capita in Europe is on a downward trend, hindering demand for drinking establishments. The COVID-19 pandemic decimated industry demand in 2020 as establishments shut their doors and tourist numbers plummeted. Industry revenue is expected to contract at a compound annual rate of 9.6% to €91.6 billion over the five years through 2024, including a 2.9% drop in 2024. Rising health consciousness, particularly among younger demographics, is reducing per capita alcohol consumption levels. Consumers are reducing their alcohol intake or completely cutting it off due to the health benefits of staying sober. Strict restrictions during the COVID-19 pandemic forced drinking establishments to temporarily shut their doors, severely reducing revenue in 2020 and 2021. International travel bans decimated tourist numbers, which further added to the woes. Although, pent-up demand post-lockdown restrictions has supported a rebound in industry revenue, reinforced by recovering tourist numbers and many people returning to office workplaces. However, in the aftermath of the pandemic, the hurdle of surging inflation has deterred spending on going out and drinking. Many consumers have turned to beverages offered at supermarkets as off-trade alcohol prices are lower. Intense competition from supermarkets, restaurants and cafes has put pressure on prices, hindering revenue and profit growth. This, paired with higher operational costs, has weighed on profitability. Industry revenue is forecast to swell at a compound annual rate of 1.3% to €97.9 billion over the five years through 2029. An improving European economy and subsiding inflation will bolster consumer spending on going out and drinking. However, subdued levels of alcohol consumption per capita and escalating competition will limit revenue growth. To combat competition and keep up with changing consumer preferences, drinking establishment operators will have to broaden their offerings, dabbling in more varied non-alcoholic beverage options, as well as provide more entertainment alongside the sale of more high-quality food.

The airport operations industry in Europe has faced significant challenges and fluctuations in recent years. The COVID-19 pandemic had a profound impact, leading to unprecedented passenger numbers and aviation traffic declines. Travel restrictions, lockdowns and decreased demand for air travel resulted in substantial revenue losses for airports across the continent. Many airports were forced to adapt by reducing staff, cutting costs and seeking financial assistance from governments. As a result, the industry witnessed a severe downturn, with many airports operating at minimal capacity. Industry revenue is expected to fall at a compound annual rate of 5.9% over the five years through 2024 to €71.6 million, including a reduction of 0.2% in the current year. Despite these challenges, some European airports have demonstrated resilience by implementing strict health and safety protocols, adapting to changing travel patterns and exploring cargo operations to compensate for reduced passenger traffic. The lifting of restrictions and vaccination efforts led to recovery, but uncertainties remain regarding skyrocketing inflation and evolving passenger preferences, limiting industry growth. Industry revenue is forecast to grow at a compound annual rate of 4.2% over the five years through 2029 to €87.8 million. The future performance of the airport operations industry in Europe holds the potential for a strong rebound. As inflation subsides and household disposable incomes grow, there is optimism for increased passenger numbers and aviation traffic. Airports must continue adapting to evolving sustainability protocols while exploring innovative revenue streams, including cargo operations.

Revenue in Europe’s food retailing industry is expected to slump at a compound annual rate of 7.7% to €100.8 billion in the five years through 2024. Growing competition from supermarkets is driving consumers away from the industry, as supermarkets offer much more competitively priced meat, fish, bread and fresh fruit and vegetables. The industry is susceptible to changes in household disposable income, which has been eroded throughout Europe over 2023 and 2024 as inflationary pressures plague consumers' pockets. Ever-growing health consciousness has proved unfavourable for much of the industry, as many consumers cut back on their consumption of red meat and baked goods to balance out their diet. This contributes heavily to the industry’s expected decline of 7.4% in 2024. Increases in fish, fruit and vegetable consumption have somewhat offset this slump in industry revenue. The industry has introduced various strategies to keep up with changes in tastes and preferences, with butchers introducing less fatty meat options and bakeries stocking vegan and gluten-free baked goods. Revenue is anticipated to contract at a compound annual rate of 1.4% in the five years through 2029 to €94.1 billion. Supermarkets will continue to pick away at the industry, as they expand into specialised food sections within their stores, with major supermarkets introducing butchers, fishmongers and freshly baked goods in their stores.

Passenger and freight traffic levels directly determine the revenue generated by land transport support service providers. In turn, disposable income levels and trade levels impact demand for these services. Revenue is expected to climb at a compound annual rate of 4.6% over the five years through 2025 to €115.1 billion, including a forecast hike of 1.2% in 2025. Growth has been driven by a surge in rail passenger numbers following the lifting of COVID-19 restrictions, with rail passenger kilometres across Europe hitting a record in 2023. However, the European freight rail industry has dipped in recent years, with road transport taking over in most countries. Economic pressures, including inflation and geopolitical tensions, have curtailed rail freight volumes, impacting revenue for terminal operations. Despite the challenges, significant investments in the rail sector, like the European Commission’s €7 billion in transport infrastructure, much of which is for rail projects, are providing opportunities for the industry. Adverse economic conditions, including heightened costs, have weighed on the industry’s average profit margin. Revenue is forecast to climb at a compound annual rate of 5.9% over the five years through 2030 to €152.9 billion. The EU’s strategy for the rail sector calls for a doubling of high-speed rail by 2030, with €5.4 billion set to be invested in various projects to help hit this target. The expansion of the rail network should offer a big boost to the industry’s performance, but it also has the benefit of helping Europe to produce less CO2, consume less energy and take up less space than road and air transport, boosting sustainability efforts. Countries like Russia and the UK are also embarking on ambitious expansion plans to enhance railway networks, focusing on both passenger and freight capabilities, which would fuel revenue growth. With an expanding and improving rail network connectivity across Europe, more and more consumers will see rail transport as a convenient, eco-friendly alternative to car and air travel, providing revenue opportunities and supporting profit.

Over the five years through 2024, second-hand stores’ revenue is expected to inch downwards at a compound annual rate of 3.9%. The resale fashion market isn’t new. Initially viewed as just charity or thrift shops, consumer attitudes towards second-hand goods have shifted thanks to the sharing economy and Gen Z becoming a larger voice in the retail market. Interest in preloved goods has skyrocketed thanks to heightened environmental concerns and the ethical impacts of fashion – particularly fast fashion. The pandemic has also helped second-hand retailers, as many Europeans cleared out of their wardrobes during lockdowns, meaning additional donations and inventory for stores. In 2024, revenue is slated to drop by 3.7% to €11.3 billion, while the average profit margin is anticipated to stand at 10.7%. Spiralling inflation and lacklustre disposable income growth have led Europeans to go on a second-hand shopping spree to hunt for a bargain. The second-hand market isn’t just for those looking to save, with eager entrepreneurs turning to luxury handbags, jewellery and watches as alternative investments. The perception of buying pre-worn clothes is now popular and not just for those on a budget. Revenue for second-hand stores is forecast to expand at a compound annual rate of 3.2% over the five years through 2029 to €13.3 billion, while the average industry profit margin is set to reach 13.8%. Shoppers will continue to turn to second-hand shops as a way to reduce their negative impact on the environment while remaining fashion-forward. Preloved shopping is in vogue – and its uptake is only expected to accelerate as Gen Z enters the workforce and becomes the dominant source of spending power. While charity shops have historically dominated the second-hand market, companies will expand their online presence to capture a share of the swelling online preloved market.

Revenue in the Travel Agencies industry is expected to grow at a compound annual rate of 12.3% over the five years through 2025 to €121.5 billion. The focus of the travel industry in the last five years has been recovering from the COVID-19 pandemic. Travel demand plunged during 2020 and 2021, when COVID-19 outbreak grounded flights and confined people to their homes. While domestic travel could continue in some countries, most travel agencies had no trips to sell. Since restrictions were lifted across Europe and globally (which happened at each country’s own pace), the travel sector has seen a resurgence in demand by trends characterised as revenge travel and responsible travel. People made up for lost time by taking more trips after COVID-19 restrictions had been lifted. In 2024 and 2025, consumers are still keen for trips but want value-for-money adventures instead as they’re cautious of their spending amid disposable income squeezes. International travel to Europe has also resurged, especially from the US, thanks to the more favourable dollar-to-Europe rate – a welcome trend for agencies. There’s concerns that President Trump’s administration and US tariffs could see a drop in US visitors, but in early 2025 numbers have been strong. Pent-up demand combined with savings built up during COVID-19 has kept bookings high, defying high inflation across Europe that would usually signal lower trip spending. Travel remains a high priority for many households, driving up bookings. As a result, revenue is expected to mount by 4.4% in 2025. That being said, the Russia-Ukraine war has plagued tourism in Eastern Europe, with countries like Finland and the Baltic states continuing to record much lower tourist numbers than pre-pandemic because of fewer Russian tourists and lower travel confidence to the region. Revenue is anticipated to climb at a compound annual rate of 8.9% in the five years through 2030 to €186.3 billion. Online travel agencies will continue to cement their position in the industry, with most traditional agencies adapting by now or already closing. Climate change will disrupt travel agencies and the destination packages they offer. The last few years have already seen wildfires across Greece that spelt disaster for many trips and travel agencies will need to plan for the shift from southern European beaches to northern European destinations as temperatures rise. Travel agencies across Europe will also keep trying to carve out more of a niche by specialising in trips for certain age demographics.

Caterers have endured a period of high revenue volatility amid the recovery of COVID-19 disruptions and subsequent inflationary and geopolitical pressures, which have affected consumer and business spending on functions and events. Industry revenue is expected to climb at a compound annual rate of 8.5% to €25.5 billion over the five years through 2025, including a 4.9% hike in 2025. Evolving consumer tastes and trends, like healthier eating and vegetarianism, are driving change in the products offered by caterers. Marriage rates across Europe are dipping, leading to a diluted demand for wedding caterers. The low rates were compounded by restrictions during the COVID-19 outbreak, with many couples forced to postpone their weddings, while other private and corporate events were cancelled, leading to a low revenue base in 2020. Nevertheless, the gradual easing of restrictions in 2021 and complete removal in 2022 allowed postponed events to take place, providing a boost to revenue. As wider economic conditions affect business and consumer confidence and spending on catering, recent inflationary pressures, geopolitical tensions and trade war fears have heightened uncertainty, weakening revenue growth over the three years through 2025. With greater health consciousness and concern for the environment, demand for caterers offering healthier, locally sourced and organic options is climbing. Catering services are also now required to be more inclusive of different dietary preferences, including vegetarianism and veganism, encouraging caterers to innovate and differentiate their offerings to keep up with competitors. Revenue is forecast to swell at a compound annual rate of 10.5% to €41.9 billion over the five years through 2030. While anticipated improvement in economic conditions will boost confidence and disposable income, leading to a better climate for the catering industry, subdued marriage rates will likely continue to limit demand for wedding catering. A more optimistic economic environment may encourage consumers and businesses to hold larger, more lavish events, driving revenue growth. Caterers will face challenges from intensifying competition and ever-changing consumer preferences, hindering profit growth. As such, diversification will play a key role, with caterers needing to innovate their offerings and come up with more personalised services, while also effectively dabbling in social media usage to engage with customers and enhance their brand image to stand out from the crowd. Caterers will also be likely to invest in making their operations more sustainable and achieve efficiencies through the use of technology.

Europe's clothing manufacturing industry is largely driven by its reputation for upscale brands and high-end fashion. Countries like Italy and France have a renowned reputation for manufacturing high-quality apparel, which is in demand globally. As a result, industry revenue largely follows trends in disposable income and consumer spending. Clothing manufacturers have faced challenges brought on by the COVID-19 pandemic, severe inflation and foreign competition. Despite these challenges, the digital revolution has inspired new avenues for growth with the rise of e-commerce, which has become an increasingly central consumer shopping practice. Revenue is expected to hike at a compound annual rate of 0.5% to just over €100 billion over the five years through 2025, including a 3.2% drop in 2025. In 2020, like numerous sectors, the clothing industry took a heavy hit from the COVID-19 outbreak. Temporary restrictions curbed manufacturing activities and closed down physical retail markets, reducing consumer demand for clothes. The industry noticed some recovery as these restrictions eased, and consumers, who'd accumulated savings during lockdown periods, indulged in retail therapy – spending on clothing to bring personal joy. However, soaring inflation in 2022 dampened enthusiasm again. Raw material and energy costs soared, reducing manufacturers' profitability. Inflation has been subsiding since late 2023, though geopolitical tensions, including the ongoing Red Sea crisis and trade wars started by US President Donald Trump in early 2025, are renewing concerns of supply chain disruptions and heightened production costs. Looking forward, Europe’s clothing manufacturers will have to take the rough with the smooth. The growth of online shopping is not likely to slow down. Internationally, Europe maintains a strong reputation for quality, ensuring solid demand for its products. Revenue is forecast to grow at a compound annual rate of 0.6% to €102.8 billion over the five years through 2030. The challenge of sustainability is also stimulating innovation. The industry will continue to develop green solutions to production and use more eco-friendly materials. Technological advances in AI, 3D printing and automation are another cause for optimism, as these help to increase production efficiency. Personalisation of products is another trend that will drive customer satisfaction and build brand loyalty, supporting demand.

Hotels and short-term accommodation providers in Europe enjoy strong demand due to the continent’s well-developed tourism sector and significant number of holiday destinations that cater to various consumer needs. European residents often holiday domestically or go on trips to other European countries due to how quick and easy it is to travel to them. Rising domestic and international tourism fuelled accommodation demand prior to the COVID-19 outbreak, but travel restrictions then decimated revenue. Revenue is slated to contract at a compound annual rate of 9.5% over the five years through 2024 to €187.9 billion, including an expected 3.2% drop in 2024. Despite the numerous popular holiday spots spread across Europe, including Spain, Italy and France, hotels and other holiday accommodation providers weren’t prepared for the catastrophic drop in tourism caused by the COVID-19 pandemic. Strict restrictions on international travel decimated tourist numbers, with holiday accommodation sites forced to close for long periods in 2020. The easing of travel restrictions in 2021 and 2022 drove revenue back up, supported mostly by heightened domestic tourism due to heightened consumer confidence and a trend towards staycations. Since 2022, though, severe inflation and heightened economic and geopolitical uncertainty have squeezed consumers’ budgets and made them less confident of their financial prospects confidence, limiting spending on holidays. European hotels and short-term accommodation providers faces intense competition, putting pressure on prices and RevPAR. The growing popularity of online booking platforms like Airbnb has played a big part in increasing competitive pressures. To attract potential guests, accommodation providers are adopting dynamic pricing strategies and investing in enhancing the customer experience through innovation and differentiation. Revenue is forecast to swell at a compound annual rate of 2.9% over the five years through 2029 to €217 billion. A mounting number of international guests and strong demand for domestic holidays will drive growth. As consumer confidence improves and inflation edges back down to more normal levels, disposable income will climb, stimulating holiday spending. Hotels and short-term accommodation providers will continue to face competitive pressures as the popularity of short-term rental platforms grows, hindering revenue and profit.

Europe’s Grain Milling and Starch Manufacturing industry has battled high inflation and supply chain instability, driving revenue down. Producers adapted to shifting consumer preferences as the pan-European surge in popularity for whole grains, organic and gluten-free options became evident in countries like Spain and Italy, where wholegrain flatbreads have been embraced. Amid COVID-19, health-focused choices saw an uptick, while environmentally-friendly starch products have also gained traction. Over the five years through 2024, revenue is expected to dip at a compound annual rate of 2.1% to €90.9 billion. In 2024 , revenue is forecast to fall 2.1% as inflation continues to squeeze downstream demand. In the last half-decade, Europe’s starch producers have profited from innovations in starch applications, particularly in the domain of sustainable packaging. Recognising the pressing global need for eco-friendly materials, manufacturers have turned to starch-based biodegradable packaging, providing a green alternative to non-degradable plastics. As trade tensions and disrupted supply chains led to notable fluctuations in grain and starch prices, the industry contended with ballooning commodity prices. Grain and starch producers have withstood increased production costs by passing these hikes onto consumers, keeping profit afloat while downstream demand has slowed. Revenue for grain and starch producers will swell as inflation cools and consumer spending picks up, driving demand for staple food items like grains. An ongoing push for sustainable practices and healthier lifestyles will bolster demand for starches and whole grains. As disposable income rises, consumers will spend more on high margin goods. Starch producers will benefit from a demand spike for starch-based biodegradable packaging materials as green policies strengthen. In a more stable economic climate, producers will invest more in innovation and expansion, helping them weather price fluctuations in global grain markets. Over the five years through 2029, revenue is forecast to expand at a compound annual rate of 4.5%, reaching €113.4 billion.

Europe’s Mining, Quarrying and Construction Machinery Manufacturing industry produces earthmoving equipment, excavators and processing machinery. Performance is tied closely to construction and mining activity. Depressed construction activity in countries like France, Czech Republic and Hungary punctures the need for construction equipment. Nevertheless, the need to address housing shortages and build smarter homes across the continent ensures a high volume of work, boosting orders for diggers and excavators. Revenue is forecast to slump at a compound annual rate of 4.9% to €57.2 billion over the five years through 2024. Rising house prices and rising disposable income lifted construction activity leading up to the pandemic, resulting in revenue growth for construction machinery makers. The disruption to on-site construction activity caused by the pandemic dented construction and drilling equipment sales across the continent. High interest rates and soaring building costs have drastically reduced new building projects in Europe, directly affecting construction equipment. Government funding and policies to build more homes and enhance energy efficiency in Europe are elevating the volume of construction work, driving manufacturers' sales. However, revenue is hurt by more companies turning to leasing and renting construction equipment for short- and long-term projects. The drive to reduce reliance on Russian energy is elevating funding for renewable projects. More investment in drilling will drive orders for excavators, earthmoving equipment and drilling rigs, relieving the pressure on revenue, which is projected to drop by 5% in 2024.
Revenue is forecast to climb at a compound annual rate of 1.9% to €62.9 billion over the five years through 2029. Construction activity is set to remain sluggish in the short term due to cautious investors but government funding for several construction projects will raise the need for construction machinery.

The television broadcasting industry in Europe has undergone major changes in the last decade in response to the disruption of video-on-demand services. These services have actively pushed audiences away from traditional linear programming, especially among younger audiences. Traditional television broadcasters are trying to rival streaming giants like Netflix and Disney+ by investing in their own online platforms. Broadcasters have significantly augmented investment in their online platforms, including RTL and ITV, who have both relaunched their services in the last two years. Overall, TV broadcasting revenue in Europe is projected to decline at a compound annual rate of 4.6% over the five years through 2024, reaching €91 billion, with a 1.7% fall in 2024. Pay-TV businesses are facing the double whammy of shrinking subscriptions and advertising revenue because of fallen disposable income across Europe. Sky Italia, an Italian pay-TV provider, announced 1,200 job cuts 2023, following a loss of over 300,000 subscriptions in the previous year. Operators of live sports broadcasts are now also facing the emerging threat of online platforms. Giants like Amazon have acquired live sports rights in various countries to compete against established sports TV channels. Organisers are even exploring direct online event distribution, as seen with F1TV, which live-streams F1 races in over 100 countries. Traditional broadcasters are finding ways to stay competitive and relevant. Beyond investing in their own video-on-demand platforms, French broadcasters are stepping up their game in terms of picture quality. For the 2024 Summer Olympic Games, French broadcasters plan to broadcast the event in Ultra HD (UHD) via terrestrial TV. Moreover, by 2029, they aim to discontinue terrestrial HD broadcasting, fully embracing the superior UHD. Evolving TV broadcasting is likely to support revenue growth at a compound annual rate of 4.4% over the five years through 2029, reaching €113 billion.