Thailand cash splash: Foreign tourists send Visa spending soaring
Thailand is basking in a financial boom, with foreign tourists spending a staggering 90% more on Visa credit cards this year compared to the pre-pandemic high of 2019. While Thai travellers are tightening their purse strings amid a sluggish economy, foreigners can’t seem to get enough of the Land of Smiles.
Visa Thailand’s country manager, Punnamas Vichitkulwongsa, revealed that Thailand is still the go-to for globetrotters. The top Visa spenders? Americans lead the charge, followed hot on their heels by tourists from Singapore, China, the UK, and Japan, each showing distinctive spending habits.
Thailand’s friends from Japan are big on taste, splurging on food rather than high street hauls, whereas Chinese visitors can’t resist a shopping spree. Meanwhile, Europeans are upping the ante on fine dining, making sure their meals are top-notch. Neighbours from Myanmar and Cambodia, however, are swiping their cards for healthcare services, seeking top-tier medical attention.
Despite the challenge of a strong baht and the rollercoaster of exchange rates, these tourists remain undeterred, ready to flash their plastic at any opportunity.
In stark contrast, spending abroad by Thai tourists has only inched up by 20% from the 2019 levels, with economic worries hemming in their travel aspirations. Japan tops the list for Thai adventurers, trailed by the allure of South Korea and the glamour of France, undoubtedly boosted by the buzzing excitement of August’s Olympic Games.
When it comes to domestic tourism, everyday Thai Visa cardholders are snipping their budgets, and cutting back on leisure splurges like dining out. However, for the well-heeled crowd, the appetite for luxury is as strong as ever.
With over 1.4 billion Visa cards circulating across 160 countries, and 10 million of those right here in Thailand, the reach is colossal. Tourists can shop, dine, and indulge at a whopping 400,000 Visa-accepting stores nationwide.
In a bid to capitalise on the spending spree, Visa has inked a deal with the Tourism Authority of Thailand, reported Bangkok Post. The aim? To push Visa card acceptance even further and dish out cutting-edge insights and data analysis on tourism trends.
It’s official: foreign tourists are swiping their way to an economic adrenaline rush for Thailand.
