The inbound tourism expenditure in South Africa saw significant growth from 2013 to 2019, with a Compound Annual Growth Rate (CAGR) peaking at 11.57% in 2016. The year 2020 marked a significant decline of 15.6% due to the COVID-19 pandemic. However, recovery ensued with an 11.86% increase in 2021 and a 14.44% boost in 2022. The latest data indicates that expenditure stands at 21.8 Billion ZAR in 2023, reflecting a 2.86% year-on-year growth from 2022. The projected CAGR from 2023 to 2028 is 2.16%, with an overall growth rate of 11.3% expected over the next five years.
Future trends to watch for:
- Changes in global travel regulations and health measures.
- Shifts in tourism demand towards sustainable and eco-friendly options.
- Technological advancements in travel and tourism services.
- Economic and political factors impacting tourism in South Africa.
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