The internal tourism expenditure on tourism characteristic products in South Africa has seen notable fluctuations over the past decade. From a growth of 54.1% in 2013, the trend experienced highs and lows, with significant dips in 2015 (-3.83%) and 2020 (-17.8%) due to various market pressures and external factors, such as the pandemic. However, the expenditure rebounded sharply in 2022 with a 15.3% increase. As of 2023, the expenditure stands at 331.69 billion ZAR, reflecting a modest growth of 3.56% from the previous year. The five-year CAGR from 2018 to 2023 was 6.4%, indicating a stable upward trajectory despite intervening downturns.
Looking ahead to the forecasted data from 2024 to 2028, the growth trend is expected to moderate, with the five-year CAGR predicted to be 2.63%. By 2028, the expenditure is anticipated to reach 389.49 billion ZAR, marking a total growth rate of 13.88% over this period.
Future trends to watch for include:
• The impact of global economic conditions on domestic tourism spending.
• Continued recovery and growth post-pandemic.
• Policies and initiatives aimed at boosting domestic tourism.
• Technological advancements and digital transformation in the tourism sector.
