Thailand targets 3 trillion baht tourism revenue in 2023 with sustainability focus

The TAT and Grab Thailand aimed to welcome more tourists to the programme, Image via Facebook, Amazing Thailand

The Tourism Authority of Thailand (TAT) is optimistic that the country’s tourism industry will achieve a revenue of 3 trillion baht in 2023, equal to the revenue generated in 2019. Tanes Petsuwan, TAT’s deputy governor for Asia and the South Pacific, revealed that the agency is developing new promotional strategies for the next fiscal year and anticipates finalising its proposal for the new government in the coming month.

The primary focus of these strategies is to promote high-value tourism, meaningful travel experiences, and sustainability. Tanes assured that the delay in forming a government would not impact the promotional plans for the fourth quarter, despite fiscal 2024 beginning in October. He explained that TAT had anticipated the delay and had already started promotional work using the current year’s budget.

Tanes stated…

“The TAT is targeting 3 trillion baht in revenue from the tourism industry next year, with 2 trillion from the international market and 1 trillion from the domestic market. We expect the number of flights to return to normal next year.”

He added that TAT is not concerned about the Move Forward Party’s proposal to introduce zero-based budgeting for the next fiscal year. During the pandemic, the agency adapted to working with a reduced budget of 2.9 billion baht, down from 5.6-6 billion baht before the crisis.

With foreign arrivals reaching nearly 11 million in the first five months of 2023, Tanes believes that Thailand is on course to welcome at least 25 million visitors this year, generating 2.38 trillion baht in revenue. The short-haul market is expected to be a significant contributor, accounting for 70% of frequency and 62% of revenue.

Thailand tourism
TAT has curated the new “Unseen New Chapters’ list of destinations on May 13, Image via Facebook, Amazing Thailand

Tanes said…

“The recovery rate of international flights was 70% and should increase during the cool season,”

He highlighted that the leading short-haul markets of Malaysia and China have already provided over a million tourists this year, with the potential to increase to 5-6 million for each country. Additionally, Thailand has received about 3 million travellers from Europe, the Middle East, and Africa, reaching 50% of its goal of 6 million for 2023.

Tanes spoke at the Thailand Travel Mart Plus 2023, a business-to-business tourism trade show running until June 2 at the Queen Sirikit National Convention Centre. He expressed that the expo, which has 374 buyers from 50 countries participating in business-matching events, could help pave the way for a full tourism recovery next year. The event allows operators to gain a better understanding of Thai tourism and plan their programmes accordingly, reports Bangkok Post.

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.