Thai restaurant sales to soar 15% over new year period
Central Restaurants Group (CRG) anticipates a significant increase in sales within the Thai restaurant industry during the new year festive season, driven by a boost in dining out and a rise in foreign tourist numbers.
This optimism comes as Thailand records approximately 33.5 million foreign visitors from January to mid-December. Leading the arrivals are Chinese tourists, numbering 6.4 million, followed by 4.6 million Malaysians and 2 million Indians, according to the Ministry of Tourism and Sports.
The surge in both domestic and international tourists is expected to enhance restaurant sales in key tourist hotspots and shopping centres. CRG President, Nath Vongphanich, noted that the Thai economy is on a path to recovery, supported by government stimulus initiatives.
“We anticipate a 10 to 15% increase in overall sales within the Thai restaurant business during this year-end period compared to a regular period.”
Nath highlighted that festive promotions rolled out by restaurant operators are likely to contribute further to the industry’s growth. Moreover, CRG foresees a rise in demand for food delivery services as some consumers opt to celebrate the holidays at home.
With its strategic presence in both urban and secondary cities, CRG is well-positioned to serve a diverse customer base during the peak travel season. Anticipated sales growth is expected in the Bangkok Metropolitan area as well as popular tourist destinations including Chiang Mai, Phuket, and Pattaya, fuelled by the influx of both local and foreign visitors.
CRG also predicts an increase in patrons from China, alongside growing numbers of tourists from Korea and the Middle East visiting these prominent tourist locales, reported Bangkok Post.
In related news, Thailand is setting its sights on a tourism boom with a newly launched strategy aimed at bolstering both international and domestic travel. With the tourism sector generating a substantial 1.892 trillion baht in 2023, the government is now targeting an impressive 3.4 trillion baht in revenues by 2025, aspiring to welcome over 40 million international visitors.
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