The latest hotel data from Statistics South Africa shows the country’s tourism industry has still not recovered to pre-pandemic levels, with long-term travel trends pointing to some notable structural shifts.
Commenting on the latest data, FNB property strategist John Loos said a gradual improvement is expected in 2022 on the back of Covid-19 seemingly having receded as a threat, and lockdown regulations relaxed even further from late in 2021. However, he noted that several factors continue to constrain the industry, slowing its full recovery., due to the impact of the 2020 recession on employment and incomes, not to mention recently rising CPI and interest rates.
“We would expect hotel occupancy and income improvements to continue in 2022, on the assumption that everyone remains freer to move around as vaccine rollouts progress, across the world as well as in SA, and the virus threat recedes.” “Given the abnormalities created in growth rates by the low lockdown base, it makes more sense to view total revenue value, and compare it to the comparable month back in early-2020, a pre-Covid-19 month. We then see a more accurate picture of a hotel sector whose income is still under severe pressure.
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