TBI ½ YEAR REPORT REVEALS LOWER THAN EXPECTED TOURISM BUSINESS PERFORMANCE
The latest Tourism Business Index released today reveals that overall the South African travel and tourism industry experienced lower than normal business performance in the first six (6) months of 2017. Looking ahead, anticipated business performance for the remainder of the year remains slightly pessimistic.
Zooming in on the two sub-indices of the TBI, the Accommodation sector saw business performance for the first half of 2017 experience slightly lower levels than anticipated. Going into the rest of the year, the Accommodation sector forecasts that business performance may drop even further. The Other Tourism Businesses segment though recorded a stronger index for the first half of 2017, with a slightly more optimistic outlook anticipated.
Looking into the rest of 2017, both segments expect cost of inputs, cost of labour, insufficient domestic leisure demand and insufficient overseas leisure demand to be among the highest contributors to negative business performance.
TBI sentiment also reflected in latest SAACI BCI
The industry’s sentiment seems warranted once again, as in the week the SA Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) fell significantly to 89.6 in August, from 95.3 in July.
Click here to download the TBI 2017 Half Year Review & Outlook Report
Tweet us using #TourismBizIndex about your expectations for Tourism Month & remainder of 2017.
Related: Live TV interviews with TBCSA CEO in the week:
- TBCSA on eNCA: TBCSA talks latest Domestic Tourism Survey by Stats SA
- TBCSA on BDTV: TBCSA talks Domestic Tourism decline & its impact on economy