Thailand Tourism Industry Outlook to 2024 offers a comprehensive guide to the size and shape of the market.
Despite the current political unrest, the outlook of the Thailand tourism industry looks bright. The Thai travel-and tourism sector had posted healthy growth in recent years with increasing number of foreign tourists from China, India and Russia. In 2013 alone, the total number of international tourists reached 26.7 million, higher than in nearby Malaysia, Philippines and Indonesia. Furthermore, the tourism sector of Thailand recorded the second-highest average expenditure per international tourist in 2013.
This report, Thailand Tourism Industry Outlook to 2024, gives a detailed picture of the sector. It also highlights the growth segments and identifies factors driving change and the markets major players and leading brands.
Recent lifting of nighttime curfew boosts the lucrative industry
The recent lifting of nighttime curfew imposed after Thailand’s latest military coup will give the much-needed boost to the country’s lucrative tourism industry. The political protests in May continued to affect the decision to travel to Thailand and led governments to issue travel warnings against traveling to the country. However, it will take time to encourage many overseas travelers who were scared away by months of violent political turmoil. Furthermore, after the military junta lifted the curfew on June 13, 2014, Thailand’s travel outlook appeared better.
This improved environment has actually led the Tourism Authority of Thailand (TAT) to consider raising its 2014 forecast for tourist arrival to more than 45 million after having detected signs of improvement in travel bookings. Until now, some 26.7 million international travelers have already visited the country and pumped in USD 36.05 billion into the local economy. The tourism industry in Thailand estimated that the revenues generated from international tourists would increase at an annual average rate of nearly 13% to reach USD 63.6 billion in 2018. The travel industry had contributed some 9% to the country’s GDP and dropped to 3.91% in the first few months of the political instability and imposition of the curfew. Restaurants and hotels also took a hit during this time, whereas the beverage segment fell by 40% and room occupancy dropped by 30%.
The lifting of the curfew will not bring tourists overnight but assurances from the government regarding the safety of travelers are expected to help the sector recover. Furthermore, the growth of low-cost airlines is expected to aid in the growth of the overall Thailand tourism market.
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