PROSPECTS AND OPPORTUNITIES
Luxury hotels may need to explore new opportunities to maintain growth momentum
Over the forecast period, it is estimated that experiential luxury will record moderate growth in retail value terms (at constant 2024 prices) supported by the increasing number of inbound arrivals to the country and the ever-evolving offerings of luxury hotels in South Africa. Moreover, the anticipated increase in the number of affluent locals and an improvement in the local economy is also anticipated to contribute to the market expansion in the category.
Sustainability concerns at the top of the agenda
Sustainability has become an increasingly important trend on a global scale and this is likely to have a growing influence on experiential luxury in South Africa. For example, the focus on the preservation of the natural environment in the country is likely to contribute to the development of unique and sustainable experiential luxury locations that have a positive impact on the local area and community.
New luxury hotels and lodges in the pipework as operators still see potential in experiential luxury
The range of experiential luxury offerings in South Africa is expected to continue expanding over the forecast period with new luxury hotels in the pipeline. A number of them are focusing on the growing trend of wellness travel, while others are focusing on the South African wilderness.
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Overview:
Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in South Africa with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in South Africa, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Experiential Luxury in South Africa report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Experiential Luxury in South Africa?
- Which are the leading brands in Experiential Luxury in South Africa?
- How are products distributed in Experiential Luxury in South Africa?
- How important is tourism in evaluating demand for Experiential Luxury in South Africa?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Experiential Luxury in South Africa - Category analysis
KEY DATA FINDINGS
Rebound in tourism boosts sales in 2024 while players focus on wellness to attract bookings
Belmond’s Mount Nelson returns to the peak
New technology taking on a more prominent role in luxury hotels
Luxury hotels may need to explore new opportunities to maintain growth momentum
Sustainability concerns at the top of the agenda
New luxury hotels and lodges in the pipework as operators still see potential in experiential luxury
Luxury Goods in South Africa - Industry Overview
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
The following categories and subcategories are included:
Experiential Luxury
- Luxury Foodservice
- Luxury Hotels
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See all of our definitionsWhy buy this report?
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- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Experiential Luxury research and analysis database.
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