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28 Oct 2022

Econ Digest

Tourism in recovery…Which segments of hotel and accommodation will recover first?


        KResearch expects that the revenue of hotel and accommodation businesses will continue to grow in 2023 in line with the recovery of the tourism sector, both domestic and inbound tourism. The inbound tourism market is expected to recover to almost double from 2022, which will be a boon to business. However, the recovery of hotel and accommodation businesses still face various challenges, including the COVID-19 situation that still constrains travel for some groups of tourists, the risk that the world’s major economies will fall into recession, the severity of the Russia-Ukraine situation leading to an energy crisis in many European countries, the increased competition in hotel and accommodation business, the experiential tourism trend and behaviors that affect the accommodation design and services, as well as an increasing trend in business costs of operators.

        Based on the above-mentioned factors, KResearch holds a cautious view on the recovery of the hotel and accommodation businesses. The occupancy rate of hotels and accommodations businesses nationwide is expected to be around 52-60% in 2023, down from 70.08% in 2019, while the revenue from hotel and accommodation businesses will be around THB500-600 billion, lower than the level before the COVID-19 pandemic. The recovery of hotel and accommodation businesses remains uneven, i.e. hotel and accommodation businesses in tourist destinations in Thailand, such as the western and northern regions, will recover well; hotel and accommodation businesses serving foreign tourists, including those focusing on Asian and Middle Eastern tourists and with the room rates not exceeding THB3,000 per night, should recover better as well as hotels and accommodation businesses that generate revenue through the organization of events and conferences with a particular focus on the conference market for government agencies and international organizations.

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