Forecast: Domestic Tourism Expenditure on Accommodation Services for Visitors in South Africa

Analysis of the Forecast: Domestic Tourism Expenditure on Accommodation Services for Visitors in South Africa reveals a generally upward trend over the past decade, rising from 18.48 billion SAR in 2013 to 29.49 billion SAR in 2023. The year-on-year growth rate shows fluctuations, peaking sharply in 2018 at 24.6% and dipping in 2020 by -15.47% due to the impact of the COVID-19 pandemic. The recent years of 2022 and 2023 saw growth rates of 14.5% and 2.9%, respectively, indicating a recovery trajectory. The Compound Annual Growth Rate (CAGR) over the past five years up to 2023 stands at 2.98%. Forecasts project a modest but steady increase, reaching 33.68 billion SAR by 2028 with a forecast 5-year CAGR of 2.2%.

Future trends to watch for include the potential impacts of global economic conditions, local economic stability, changes in tourism infrastructure, government policies aimed at boosting domestic tourism, and evolving consumer preferences post-pandemic. Additionally, the influence of digital transformation and the increasing emphasis on sustainable and experiential travel will play significant roles in shaping the sector's growth trajectory.