BANGKOK, 13 September 2017: A leading bank research centre, KResearch, has revised its tourism forecast for Thailand upwards to 35.20 million this year, representing a surge of 8.2%.
Earlier in the year, Kasikorn Research Centre forecast international visits would hit 34.15 million with an estimated revenue of THB1.79 trillion. Now the bank’s research centre says revenue could top THB1.81 trillion.
The revision followed the Ministry of Tourism and Sports release of tourism performance data for January to July that showed tourist arrivals topped 20.41 million up 4.5% on year-on-year.
Looking at the last quarter, KResearch expects inbound tourism to continue to expand due to various factors including the country’s “tourism-friendly environment,” and proactive marketing plans of government agencies.
The research centre noted that tensions between China and South Korea were favouring tour movements to Thailand as Chinese tourists were reluctant to book holidays in South Korea.
Even concerns over the appreciation of the Thai baht against major currencies such as the Euro and US dollar are not expected to slow tourism to Thailand.
This is probably because the bulk of tourists visiting Thailand are from Asian nations where currencies are also appreciating at a similar pace to the Thai Baht.
“We think tourists generally consider other factors in deciding a holiday destination, the report claimed. “Thailand has a variety of tourism experiences to offer, catering to the diverse preferences of international tourists… and the tourism business in Thailand remains highly competitive with pricing strategies that attract more tourists.”
In 2016, Thailand recorded 32.58 million visits up 8.9% when compared with 2015 that closed with 29.88 million visits. China supplied 8.7 million trips to Thailand in 2016.