Year-end tourism expected to generate over 80 billion baht
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The Kasikorn Research Centre says both domestic and foreign tourists in Thailand are expected to generate over 82 billion baht between December 28 and January 5, aka the ‘silly season’. This is traditionally the busiest time for holiday visitors to Thailand. This is up 1.3% year on year, but growth in 2019 is lower than the 7.4% growth of 2018.
The Nation reports that the global economic downturn, coupled with the strong Thai baht, are expected to affect spending by both domestic and foreign tourists, although Thai tourists are expected to generate over 20 billion baht themselves, a small increase (less than 1%) on revenue generated during the 2018 holiday period.
The government’s local stimulus package, “Eat, Shop, Spend”, where registered participants who spend money on shopping, eating and travelling can receive cash-back incentives, has proven to be a huge success but ends on January 31, 2020.
Foreign visitors to Thailand are expected to spend around 54 billion baht during the period, according to the Kasikorn Research Centre. Although this is a 1.7% increase on 2018 revenue, the centre adds that the country’s tourism sector has a bumpy road ahead, with a number of factors affecting the travel and spending decisions made by holidaymakers, and Thailand having to cope with tough tourism competition from other countries and new destinations opening up.
SOURCE: The Nation
