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11 Mar 2014

Tourism

Domestic Tourism in 2014: Slowing Growth with Expected Income of THB725 Billion (Current Issue No. 2473 Full Ed.)

Generally speaking, inbound tourism is a key contributor to Thailand's tourism industry and the overall economy. Likewise, domestic tourism generates handsome income via various attractions, and in times of crises, it is a source of revenue when tourism business loses some foreign tourist arrivals. It could be said that domestic tourism cushions the adverse impacts caused by inbound tourism setbacks, helping local tourism businesses survive economic storms.
However, in 2014, Thai tourism may be challenged by certain negative factors. Of particular note would be the Thai economic slowdown and political uncertainty here, which is not conducive to tourism. Nonetheless, domestic tourism may still achieve growth, albeit at a decelerating rate, with help from the following factors: (1) thriving airline business, especially low-cost carriers; (2) activities to promote tourist attractions by several provinces; (3) promotional campaigns arranged by tourism operators and their business allies; and, (4) a higher number of Thai visitors planning to travel during non-peak periods, especially in weekdays.
KResearch has assessed that, on an assumption that the prevailing political impasse may drag on into 2Q14, the Thai tourism market may experience further deceleration, with the number of tourists totaling 178.0 million (based on the number of travelers per trip), growing 7.9 percent YoY, thus generating THB725 billion in tourism-related revenue, rising 8.2 percent YoY.

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