In a Statista study on luxury tourism published in March of 2021, it was estimated that the revenue generated by this industry in South Africa could have plummeted nearly 29 percent in the domestic sector and even 50 percent in the international sector between 2019 and 2020. This decline in the industry is attributed to the worldwide lockdown measures during the COVID-19 pandemic. Nonetheless, it is anticipated that by 2023 South Africa could register a revenue from international luxury tourism larger than this segment's revenue in 2019, whereas the country's domestic sector is projected to not completely recover during the given time span.
Luxury tourism revenue in South Africa from 2019 to 2024, by market
(in billion U.S. dollars)
A country's luxury tourism revenue is defined as income generated by domestic and inbound international high-net-worth individuals (HNWIs) through the acquisition of consumer goods, services, and valuables for and during trips. HNWIs have net assets over one million U.S. dollars.
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Statista. (March 5, 2021). Luxury tourism revenue in South Africa from 2019 to 2024, by market (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1071632/south-africa-luxury-tourism-revenue-origin/
Statista. "Luxury tourism revenue in South Africa from 2019 to 2024, by market (in billion U.S. dollars)." Chart. March 5, 2021. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1071632/south-africa-luxury-tourism-revenue-origin/
Statista. (2021). Luxury tourism revenue in South Africa from 2019 to 2024, by market (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1071632/south-africa-luxury-tourism-revenue-origin/
Statista. "Luxury Tourism Revenue in South Africa from 2019 to 2024, by Market (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Mar 2021, https://www.statista.com/statistics/1071632/south-africa-luxury-tourism-revenue-origin/
Statista, Luxury tourism revenue in South Africa from 2019 to 2024, by market (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1071632/south-africa-luxury-tourism-revenue-origin/ (last visited November 21, 2024)
Luxury tourism revenue in South Africa from 2019 to 2024, by market (in billion U.S. dollars) [Graph], Statista, March 5, 2021. [Online]. Available: https://www.statista.com/statistics/1071632/south-africa-luxury-tourism-revenue-origin/
