Budget travel: Thai travelers choose affordability amid economic instability
In the wake of an unpredictable global economy, travellers are becoming increasingly cost-conscious. A recent survey by online travel agency Booking.com revealed that the majority of Thai citizens are apprehensive about the escalating cost of living and are thus curtailing their expenditure on travel, opting for budget travel instead.
Michelle Gao, the regional manager for the Mekong region at Booking.com, suggested that this trend of thrifty travel expenditure is likely to persist due to the ongoing influence of economic instability, inflation, and global conflicts on consumer confidence.
Booking.com undertook a travel prediction survey for next year in July, gathering the future 12 to 24-month travel plans of 27,730 respondents across 33 countries, 1,033 of whom were Thai. The survey unveiled that 65% of Thai respondents were anxious about the surge in living costs. Consequently, 45% of them are considering budget-friendly accommodation options for future travel.
Furthermore, one-third of the Thai respondents are planning to curb their spending during travel, with 33% favouring less costly travel destinations. Despite the demand for luxury services, travellers are on the lookout for more affordable alternatives.
Michelle pointed out that 65% of Thai travellers are more inclined to purchase a day pass for utilising facilities at a five-star hotel than to stay overnight.
In terms of future travel plans, 71% of the Thai respondents intend to travel within the next 12 months. The most popular destinations, as per bookings on the platform, are Japan and Vietnam.
Facilitating budget travel
For the third quarter of this year, the summer holiday period, Booking.com reported sales of over 276 million room nights globally. This figure represents a 15% and 24% increase compared to the same period last year and 2019 respectively. Asia witnessed the highest growth at 35%, while Europe and the US experienced lower growth rates.
Michelle remarked that the visa-free scheme for Chinese tourists would significantly facilitate their visits to Thailand and attract more tourists in the long term. However, the platform noticed a decline after a surge during China’s national holiday in October, attributing this to rising living costs impacting travel decisions.
The announcement of a similar visa-free scheme for the Indian market has not yet stimulated bookings, primarily due to limited flight availability and high airfares, reported Bangkok Post.
In response to the evolving demands of global travellers, Booking.com is partnering with other entities to offer free cancellation and flexible options for travellers needing to adjust their plans. The platform is also promoting sustainable travel by providing a sustainable badge certification to over 500,000 properties worldwide, including 6,500 hotels in Thailand.
Additionally, Booking.com plans to roll out a new trip planner service by next year that employs artificial intelligence to assist customers in planning their holidays.
