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9 May 2023

Econ Digest

Hotel and restaurant businesses face high costs, while revenues have not fully recovered

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        The global economic slowdown has affected Thailand’s export-oriented manufacturing industry, making the service sector a potential driver of Thailand’s economic growth in 2023. However, the service sector remains under pressure from rising electricity costs. Average electricity prices of service-related businesses in 2023 may increase by 12-17%YoY while electricity consumption is expected to remain relatively close to the previous year. Additionally, service businesses may need to bear the rising costs of water and food ingredients due to the impact of an intense El Niño weather pattern, particularly in the second half of the year. Moreover, other costs have also increased, such as wages, financial costs, rental fees, etc. Service businesses, especially those related to the tourism sector, remain fragile due to cost pressure, while their revenues have not fully recovered. KResearch assesses that hotels, accommodations and restaurants are among the most vulnerable businesses to rising costs, with the total cost of hotel and restaurant industries expected to increase by 9-16% in 2023. Meanwhile, it is expected that revenue in 2023 will not yet return to pre-pandemic levels. Businesses likely to face higher pressure are SME operators as they have low adaptability and unfavorable locations.

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