HOSPITALITY INDUSTRY IN SOUTH AFRICA SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Analysis of the South African hospitality market

During the projection period, South Africa's hospitality industry is anticipated to expand at a CAGR of more than 4%. 

One of the most popular tourist attractions on the African continent is South Africa. As a result of the COVID-19 outbreak, some hotels in South Africa are in danger of going out of business or closing permanently. The hotel sector stopped during the pandemic as governments implemented exceptional efforts to prevent the virus, such as travel restrictions and physical separation. Layoffs, pay cuts, and job losses have all had a big effect on employment. Cash flow, travel restrictions, guest cancellations, reduced consumer spending, and the industry's general economic unpredictability during the COVID-19 epidemic are issues that hotels are worried about. 

The restrictions were abolished in April 2022, though, and the tourism sector has since begun to rebound. According to the Bureau for Economic Research, the expansion in the South African hospitality industry in 2022 was brought on by an increase in customers from the previous quarter after all COVID-19 limitations were released.

With an increase in tourists coming to South Africa for both business and pleasure, the country's hospitality sector is expanding. A total of 1,696,851 travellers (arrivals, departures, and transits) went through South African ports of entry and exit in April 2022, according to Stats SA.

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