Thailand could generate up to US$65 billion in tourism revenue next year, says TAT

Yesterday, the Tourism Authority of Thailand said the country’s tourism industry could generate up to US$65 billion, or 2.38 trillion baht, next year. The revenue could equate to around 80% of pre-pandemic tourism revenue, said Governor of the TAT Yuthasak Supasorn. Comparatively, the TAT expects Thailand to actualise 1.5 trillion baht in tourism revenue this year.

Yuthasak expects Thailand to generate between US$47 billion and US$65 billion in 2023…

“For 2023, TAT expects Thailand to generate total tourism revenue of 1.73 trillion Baht with 970 billion Baht from the international market and 760 billion Baht from the domestic market (for base case scenario), and 2.38 trillion Baht with 1.50 trillion Baht from the international market and 880 billion Baht from the domestic market (for best case scenario). This represents about 80% of Thailand’s tourism performance in 2019.”

The TAT released a marketing plan yesterday which aims to “revitalise and transform Thai tourism while placing greater emphasis on the recovery of the tourism sector towards strong and sustainable, more responsible and more inclusive tourism growth.”

So how exactly does the TAT plan to “transform” Thai tourism?

Through collaborations with leading brands, the TAT will promote Thailand as an “all-year round destination” for long-haul tourists, especially families with kids, seniors, and remote workers. The TAT wants to see “high-disposable income groups” (Millenials, Gen-X, and Silver-Age People,” and “hyper-personalisation groups” (health and wellness, sports tourism, and responsible tourism), and “new segments” (digital nomads and remote workers/teleworkers.”

Thailand is in the process of launching the Long Term Resident visa which aims to attract wealthy foreigners, retirees, working foreigners, and specialists. A one-off fee of 50,000 baht could get you a 10 year long visa in the Kingdom of Thailand if you meet the eligibility criteria.

To draw in short-haul tourists, Thailand will promote the “5News” including “New Segments,” “New Areas,” “New Partners,” “New Infrastructure” and “New Way.” The TAT will also promote all points of entry into Thailand via land, water, and air.

The TAT will facilitate the forecasted high number of foreign arrivals by working with airlines to increase the seating capacity in Thailand, aiming to bring regional air capacity back up to 80% of what it was in 2019 before the pandemic struck.

Highlights of all five regions of Thailand will be promoted to attract specific types of domestic tourists to each region. In northern Thailand, multigenerational families are invited to gain “nostalgic experiences.” In central Thailand, Gen-Y and Gen-Z are invited to explore “innovative routes.” In eastern Thailand, high-income families are invited to experience culinary and luxury tourism. In northeast Thailand, employed people and Gen-Y are invited to experience “Dharma, Nature, and Culture.” In southern Thailand, all types of tourists are invited to experience “responsible tourism.”

The marketing plan will adhere to the Thai government’s Bio-Circular-Green Economy Model which conforms to the United Nation’s Sustainable Development Goals. The aim is to facilitate safe, inclusive, and sustainable travel.

SOURCE: TAT