Travel & Tourism - Zimbabwe | Statista Market Forecast

The Travel & Tourism market in Zimbabwe is expected to experience notable growth in the coming years.
By 2024, the projected revenue is estimated to reach US$202.10m, with a projected market volume of US$884.10m by 2029, indicating an annual growth rate (CAGR 2024-2029) of 34.33%.
It is worth noting that the market's largest market in Zimbabwe is the Hotels sector, with a projected market volume of US$104.80m by 2024.
The number of users in the Hotels sector is expected to reach 1.85m users by 2029, with a user penetration rate of 9.4% in 2024, which is projected to increase to 13.9% by 2029.
Furthermore, the average revenue per user (ARPU) is projected to be US$126.00.
As for the distribution of revenue, it is expected that 70% of the total revenue in the Travel & Tourism market in Zimbabwe will be generated through online sales by 2029.
It is interesting to note that in global comparison, United States is expected to generate the most revenue, with a projected revenue of US$214bn in 2024.
Zimbabwe's tourism industry is experiencing a resurgence, with visitors drawn to its natural beauty, wildlife, and rich cultural heritage.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

Zimbabwe, known for its rich cultural heritage and diverse landscapes, has seen a steady growth in its Travel & Tourism market in recent years.

Customer preferences: Travelers visiting Zimbabwe are increasingly seeking unique and authentic experiences, such as exploring the country's national parks and wildlife reserves. The demand for sustainable and eco-friendly tourism options is also on the rise, with tourists showing a preference for responsible travel practices.

Trends in the market: One notable trend in the Zimbabwean Travel & Tourism market is the growing popularity of adventure tourism activities, including hiking, safaris, and water sports. Additionally, cultural tourism, which allows visitors to immerse themselves in the local traditions and customs, has gained traction among travelers looking for a more enriching experience.

Local special circumstances: Zimbabwe's tourism sector is uniquely positioned to benefit from its abundance of natural attractions, including the iconic Victoria Falls and diverse wildlife. The country's warm hospitality and vibrant cultural scene further contribute to its appeal as a tourist destination. However, challenges such as infrastructure limitations and political instability have impacted the industry in the past.

Underlying macroeconomic factors: The growth of Zimbabwe's Travel & Tourism market can be attributed to various macroeconomic factors, including government initiatives to promote the sector, improvements in infrastructure, and a growing focus on sustainable tourism practices. Additionally, currency fluctuations and economic reforms have influenced tourist spending patterns and overall market dynamics.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.