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Thailand projects US$105 billion tourism revenue in 2020

Thailand projects US$105 billion tourism revenue in 2020

The Tourism Authority of Thailand (TAT) is expecting 3.18 trillion baht (US$105 billion) in overall tourism revenue for Thailand in 2020, or a four per cent year-on-year increase.

This includes 2.02 trillion baht from international tourists (up three per cent) and 1.16 trillion baht from domestic tourists (up five per cent).

The outlook for 2020 follows the overall tourism situation in 2019, which is estimated to generate 3.06 trillion baht (four per cent increase over 2018), comprising 1.96 trillion baht (up four per cent) from 39.77 million international tourists (also up four per cent), and 1.10 trillion baht (up three per cent) from 167 million domestic trips (up one per cent).

Thailand welcomed her 39 millionth tourist on 27 December, 2019.

In 2020, TAT is seeing positive demand from international markets, such as the CLMV countries (Cambodia, Lao PDR., Myanmar and Vietnam), Malaysia, the Philippines, Indonesia, South Korea, Taiwan, India, Spain, Eastern Europe, Israel, and the US.

As well, the Chinese, Singaporean and Middle Eastern markets are showing signs of recovery. Meanwhile, arrivals from Japan, Hong Kong, Europe, Scandinavia, Australia and Latin America are expected to remain stable or show a slight growth.

TAT governor Yuthasak Supasorn said: “TAT’s target for 2020 is based on several favourable factors, ranging from the government’s stimulus measures, TAT’s focused marketing strategies and promotions of emerging destinations, new air routes, and the positive outlook of international tourists to Thailand from key source markets.

“TAT is preparing to overcome several challenges, including the effect from the China-US trade war, the rise in consumption tax in Japan, and Brexit. The strong Thai baht, Tokyo 2020 Summer Olympics, World Expo 2020 Dubai and stimulus visa schemes from country competitors have also been taken into consideration when laying out our tourism marketing strategies.”

Source: https://www.ttgasia.com/2020/01/07/thailand-projects-us105-billion-tourism-revenue-in-2020/

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