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28 Dec 2022

Econ Digest

New Year’s celebration to boost Thai tourism…Thai and foreign tourists set to spend around THB30 billion

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        It is expected that Thailand’s tourism industry will be busy once again after a two-year hiatus as more Thais intend to travel in the country while foreign travelers are planning to visit Thailand during the upcoming New Year 2023 festive season. As a result, cash flows in travel-related businesses here may reach roughly THB30 billion from December 30, 2022 to January 2, 2023, comprising THB14.5 billion from Thai tourists’ spending and THB15.5 billion from foreign tourists’ spending; this will amount to around 50% of the total amount reported during the same period of 2019 (before the COVID-19 pandemic).

        A survey conducted by KResearch on Bangkok residents’ travel plans during the year-end holiday season shows that a majority of the respondents intend to take a trip to other provinces, but their plans may be altered depending on the development of COVID-19. According to the search for accommodation via Destination Insights with Google, popular destinations among Thai tourists remain provinces with mountain/mountain peak scenery, as tourists want to experience the cold weather and see the first sunrise of the year.

        Steady increases have been seen in the number of international tourist arrivals in Thailand since early December 2022 and such number is expected to rise towards the New Year 2023 because several Thai cities such as Bangkok and Chiang Mai are considered as the world’s top destinations for the New Year’s Eve countdown. Moreover, the relevant public and private sector agencies are planning to organize related activities in many locations to attract foreign tourists. Overall, the number of foreign tourists has increased from all continents during the year-end festive season. The number of European tourist arrivals is expected to increase, but may remain below the potential or normal level (a substantial number of European tourists tend to visit Thailand at this time) because many European nations are facing economic problems and an energy crisis. Tourist destinations that foreign tourists are interested in are Bangkok, Chonburi (such as Pattaya), Phuket (such as Patong and Rawai beaches), Krabi and Surat Thani.

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