News

Tourist Accommodation Boom: South Africa’s 59.4% YoY Surge in February 2023

Published by
WIlliam Dube
  1. South Africa’s tourist accommodation industry experienced a 34.8% increase in total income in February 2023 compared to February 2022.
  2. Income from accommodation alone rose by 59.4% YoY in February 2023, driven by a 12.0% increase in stay unit nights sold and a 42.3% surge in the average income per stay unit night sold.
  3. Hotels and ‘other’ accommodation sectors were the major contributors to this growth, with hotels seeing a 69.1% increase and ‘other’ accommodation growing by 55.9%.

The South African tourist accommodation industry has experienced substantial growth in February 2023, according to the latest data released by Statistics South Africa (STATSSA). The data reveals a 34.8% increase in total income for the industry compared with the same month in 2022, highlighting a remarkable recovery for the sector.

Income from accommodation alone rose by 59.4% year-on-year (YoY) in February 2023. This impressive growth is attributed to a 12.0% increase in the number of stay unit nights sold and a 42.3% surge in the average income per stay unit night sold.

The major contributors to the 59.4% YoY increase in income from accommodation were hotels, which saw an increase of 69.1% and contributed 35.0 percentage points, and ‘other’ accommodation, which grew by 55.9% and contributed 22.0 percentage points.

When comparing the three-month period ending in February 2023 with the same period in 2022, income from accommodation increased by 51.6%. Hotels continued to be the primary driver, with a 65.1% increase and a contribution of 30.9 percentage points. ‘Other’ accommodation also played a significant role, with a 44.5% increase and a contribution of 18.8 percentage points.

On a month-on-month basis, seasonally adjusted income from accommodation experienced a 2.7% increase in February 2023, recovering from a slight decrease of 0.3% in January 2023.

This remarkable growth in the tourist accommodation industry signals a strong rebound for the sector, as it continues to recover from the impacts of the COVID-19 pandemic. The data indicates a positive outlook for the South African tourism industry and related businesses, as they continue to adapt to the changing landscape and capitalize on new opportunities.

WIlliam Dube

William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on william@rateweb.co.za

Share
Published by
WIlliam Dube

Recent Posts

Tesla Unveils Refreshed Model 3 in North America with Exciting Upgrades

Model 3 Refresh: Tesla introduces a restyled Model 3 in North America, featuring a rear…

January 11, 2024

SEC Twitter Account Compromised, False Bitcoin ETF Approval Post Triggers Market Volatility

Unidentified individual accessed SEC's Twitter through a third party. Lack of two-factor authentication heightened vulnerability.…

January 11, 2024

Global Currency Markets Navigate Economic Uncertainties: Yen Weakens, Dollar Awaits U.S. Inflation Data

Japanese yen falls against the dollar and euro due to persistently shrinking real wages for…

January 11, 2024

Oil Prices Unmoved as Unexpected U.S. Inventory Build Raises Concerns

Unexpected Inventory Build: U.S. crude inventories unexpectedly grew, sparking concerns about weakening fuel demand and…

January 11, 2024

YanGuFang International Group Appoints Interim Executives Amidst CEO and CFO Detainment

Leadership Shake-up: CEO and CFO of YanGuFang International Group detained by Shanghai Police, prompting interim…

January 11, 2024

Cryptocurrency Market Analysis: SHIB, SOL, and ETH Navigate Challenging Terrain

SHIB breaches 200-day EMA, signaling bearish sentiment. Historical data suggests strong buyer reactions and potential…

January 11, 2024