Tourism triumph: Can Thailand hit the 2.3 trillion baht jackpot?

Despite a whirlwind of global economic challenges and shrinking wallets worldwide, Thailand’s tourism sector is making a remarkable comeback. The nation is on the brink of welcoming nearly as many visitors as it did in the golden year of 2019, when almost 40 million foreign tourists poured in, generating a staggering 2 trillion baht in international revenue.

However, while the country is on track to meet the government’s ambitious target of 36.7 million foreign visitors by the end of this year, hitting the revenue goal of 2.3 trillion baht appears increasingly out of reach. Lingering global conflicts and economic uncertainties are tightening tourists’ purse strings, threatening to derail Thailand’s revenue aspirations.

From January 1 to August 25, Thailand has already hosted 23,096,752 foreign tourists, who collectively spent around 1.08 trillion baht, according to the Ministry of Tourism and Sports. This leaves a colossal 1.2 trillion baht to be generated in the last four months of the year—a tall order by any measure.

Thienprasit Chaiyapatranun, President of the Thai Hotels Association (THA), expressed concern about the declining spending per tourist, compared to the pre-pandemic era.

“We estimate that during the high season from Q4 this year to Q1 next year, tourists will continue to spend, but it’s crucial to monitor how the global economy will evolve in 2025 and how it will affect the tourism sector.”

Meanwhile, Suphajee Suthumpun, Group CEO of Dusit Thani, remains cautiously optimistic.

“We hope the new government, led by Prime Minister Paetongtarn Shinawatra, will attract quality tourists who stay longer, spend more, and bring new, lucrative purposes to their visits.”

Boon Sian Chai of Trip.com Group highlighted a significant shift in the tourism industry, with Gen Z travellers prioritising unique experiences and luxury accommodations, driving a surge in demand for 4 to 5-star hotels across Asia, reported The Nation.

In related news, Thai travellers faced significant setbacks after some licenced outbound tour operators left them stranded despite purchasing premium packages. In response, the Tourism and Sports Ministry seeks enhanced consumer protection measures.