Business events sector in Thailand set for a boost with projected tourism rebound
The business events sector in Thailand is set to benefit from the buoyancy of the country’s tourism industry and a new influx of trade shows this year, fuelled in part by the country’s stable political environment, according to specialists at Informa Markets Thailand.
Sanchai Noombunnam, who helms the firm in Thailand, drew attention to predictions that the country would recoup 80% of its foreign arrivals recorded in 2019 – a factor that has bolstered confidence for both domestic and international business travellers. He also highlighted the restart of China’s export services, which has triggered a rally in the morale of overseas exhibitors and buyers.
Informa Markets Thailand has unveiled plans to organise 16 exhibitions this year, marking an upswing from the 14 conducted last year, and the average of 9 to 10 annual events seen before the pandemic hit. Annual revenue, in turn, is forecast to cross the 1 billion baht threshold, reflecting a complete recovery to 2019 revenue levels.
The company’s projections are bolstered by the performance of three exhibitions already conducted this year, which have focussed on the jewellery, machinery and pharmaceutical industries, and have generated high revenue figures.
However, global economic downturns and surging inflation have caused concerns, noted Sanchai. He suggested that these factors could impact buyer spending and potentially stall business contracts. Still, he was positive in noting that most operators would likely continue to participate in business events to foster partnerships and stay abreast of new product and technological trends.
Anticipation is already building for next month’s Food and Hospitality Thailand event, with an expected attendance of over 28,000 guests and representation from more than 1,000 brands. This optimism mirrors the resurgence of hotel and restaurant businesses in Thailand, which has already seen over 14 million foreign tourists this year. Sanchai said…
“Investment in service upgrades is on hotel and restaurant agendas, considering that 20% of visitors spend on food and beverages.”
He added that an upsurge in Chinese tourists in the latter half of the year could provide a further fillip to the hospitality and food sectors, along with exhibitors.
Partnerships with entities such as the Thai Hotels Association and the Thai Restaurant Association play a crucial role in co-hosting the Food and Hospitality Thailand event, reported Bangkok Post.
Voicing the investor sentiment, Sanchai highlighted their preference for Thailand as a hub for MICE (meetings, incentives, conventions, and exhibitions) within Southeast Asia. He further stated that investors’ confidence would be bolstered by the establishment of a new stable government, a factor expected to stimulate an increase in trade negotiations.
“Continuation of subsidies for small and medium enterprises (SMEs) wanting to join international exhibitions would be beneficial – a move that would increase local producer competitiveness, as evidenced by earlier projects from the Office of SMEs Promotion.”
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