Thailand’s tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht. According to the Tourism Authority of Thailand (TAT), this shortfall is largely due to economic recessions in several key markets.
As of June 2, Thailand has welcomed 14.9 million international tourists, generating 709 billion baht in revenue, which amounts to only about 30% of the 2.38 trillion baht target set by the government for this year.
Chattan Kunjara Na Ayudhya, the deputy governor for international marketing in Asia and the South Pacific at TAT, stated that 3 trillion baht is now the more likely revenue outcome.
This is especially true as major markets like China face economic challenges, with flight capacities to Thailand at just 75% of their pre-pandemic levels.
The tourism sector requires an additional 500 billion baht to meet its goals, necessitating further stimuli, particularly for the Chinese market.
Despite signing agreements with eight major tourism partners in China, TAT currently lacks the additional funding needed to strengthen these partnerships, he added.
During the Thailand Travel Mart Plus (TTM+) 2024 event in Phangnga, Mr. Chattan highlighted that the 3.5 trillion baht revenue target includes an expected 980 billion baht from the Asian and South Pacific markets.
If Thailand manages to hit the 3 trillion baht mark, short-haul markets are expected to contribute 840 billion baht, according to Mr. Chattan.
Chuwit Sirivejkul, TAT’s regional marketing director for East Asia, emphasized the need for ongoing events and activities to sustain market momentum throughout the low season.
He noted that the Chinese market is currently slow, as many potential tourists are occupied with university entrance exams, reducing the daily tourist count to 15,000-18,000.
However, Mr. Chuwit expects tourism to rebound starting in July, with TAT planning at least two major events in the next two months, beginning with the introduction of a special edition of the popular Labubu doll.
This limited edition Labubu, a collaboration between the Chinese government and Thailand to commemorate their 50-year diplomatic ties, has been specifically designed for the Thai market by Pop Mart, the doll’s Chinese manufacturer.
TAT aims to leverage the Labubu doll as a mascot to promote tourist attractions, targeting its extensive global fan base of over 100 million.
Mr. Chuwit also mentioned that online travel agencies like Trip.com and Tongcheng Travel will promote travel packages centered around Labubu-themed destinations and activities.
In July, TAT intends to collaborate with the private sector for roadshows in three up-and-coming Chinese cities: Changsha, Xi’an, and Zhengzhou.
Mr. Chattan noted that this year’s TTM+ event saw registration from 79 Chinese agents, the highest among the 425 international buyers from 50 countries participating.
He expects business deals made during TTM+ to generate 3 billion baht, with Chiang Mai slated as the host for the 2025 edition of the event.
