Thai tourism tally has seen beating target by 15 percent on the year-end rush

By TIN Media | Asean News Published 1 year ago on 26 December 2022
Read News

THAILAND:

According to the government's tourism bureau, Thailand will surpass its most recent target for foreign tourist arrivals by roughly 15%, helped by a surge of travelers from Europe and the United States at the end of the year.

As opposed to a target of 10 million, at least 11.5 million foreign visitors will arrive this year, predicts Yuthasak Supasorn, head of Thailand's tourism authority. Through December 20, the country had welcomed 10.9 million foreigners, and more arrivals are anticipated in the final weeks of 2022, he said.

Since the middle of the year, Thailand's foreign arrivals have increased as practically all Covid-related restrictions have been abolished, boosting the second-largest economy in Southeast Asia. Government statistics show that, before the pandemic, foreign travel accounted for about 12% of the nation's GDP.

According to Yuthasak, the tourist industry's revenue, which includes domestic travelers, will be around half what it was before Covid in 2022 at 1.5 trillion baht (US$43 billion). According to him, that amount would be generated solely by foreign tourists in 2019. The industry is predicted to generate 2.38 trillion baht in 2023, including business from Thai citizens.

The tourist organization maintained its 20 million foreign visitor goal for 2023, which is half of the record number in 2019. According to Yuthasak, the top markets for Thailand this year have been Malaysia, India, Laos, Cambodia, and Singapore. He also noted that people from the US and Europe are climbing the ranks as they exchange their frigid winters for Thailand's warm weather.

According to him, travel to China, which was the largest market three years ago, is anticipated to begin in the first quarter of 2023.

In research this week on the prospects for Thai shares, Bloomberg Intelligence analyst Sufianti said that "China's reopening will be a good surprise for Thailand if the momentum is sustained."

The Stock Exchange of Thailand Tourism & Leisure Index has increased by 33% this year, while the benchmark SET Index has decreased by roughly 2.5%. Erawan Group Pcl and Central Plaza Hotel Pcl have shown the strongest growth in the sector, each increasing by 59% in 2022. The two are also the biggest in the industry gauge based on market valuation.


    TAGS / KEYWORDS:

Email TIN

TIN Media

TIN.media - Travel Industry Network is Malaysia's home grown B2B Travel Industry Media with the most influential B2B online resources including news, research, events, and marketing services and more.