The total number of liquidations in South Africa increased by 9.8% in June 2022 compared with June 2021, new data from Statistics South Africa (Stats SA) shows.
There was a decrease of 2.1% in the second quarter of 2022 compared with the second quarter of 2021, the stats body said.
The StatsSA release of May 2022 preliminary monthly tourism statistics show the hotel sector is still slowly on the recovery path, but some way from a full recovery. John Loos, property sector strategist at FNB noted that total hotel industry income in May 2022 was still 19.15% below the income for May 2019.
“This, along with signs of a weakening global and domestic economy, which has implications for aspirant tourists’ disposable incomes, could constrain the pace of further recovery in the hotel property sector,” he said. “This modern communication likely pushes it partially away from less efficient physical travel. A portion of that costly physical business travel may therefore never return. Many hotels may have to be less dependent on domestic business travel on a more permanent basis,” he said.
“At the same time, we are likely going to see employees pleading for higher wages as their household budgets struggle to keep up with rising food prices,” she said.
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