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Thailand tourist spending gets boost from weak baht

image courtesy of Michelle Raponi from Pixabay

The Tourism Authority of Thailand (TAT) is hoping the weaker baht will boost tourist spending in the country.

Aiming to revitalize Thailand’s tourism industry with new strategies and campaigns, the Tourism Authority of Thailand (TAT) is hoping the weaker baht will boost tourist spending in the country. There are an anticipated 30 million tourists headed to Thailand in 2023 who will spend approximately 2.28 trillion baht (over US$62 billion).

TAT Governor Yuthasak Supasorn said the TAT will align its market strategy with its 5-year policy (2023-2027) to raise the tourism industry’s standards in all areas. The strategy follows three strategic objectives:

  • Drive Demand, which focuses on sustainable quality tourism.
  • Shape Supply, which creates value and raises tourism standards through a new tourism ecosystem.
  • Thrive for Excellence, which enhances the organization’s efficiency towards becoming a data-driven organization and increases its market competitiveness.

The TAT will promote tourism for domestic and international tourists through “meaningful travel,” which will provide visitors with valuable and memorable experiences. The program is part of the “Visit Thailand Year 2022-2023: Amazing New Chapters” campaign, which was launched to bring back visitors and help the tourism sector return to pre-pandemic levels by 2024.

2.7 million tourists have arrived in the kingdom so far this year.

According to the TAT Governor, that number is expected to rise to 10 million by the end of the year. Domestic and foreign tourism revenue are estimated to total between 1.25 trillion and 2.38 trillion baht in 2023, with a median generation of 1.73 trillion baht. He also expects 11-30 million tourists to visit the kingdom in 2023, generating between 580 million and 1.5 trillion baht. He noted that the key variable for high and low figures is whether some countries will allow their people to travel abroad.

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The TAT also predicted that foreign tourists will probably spend less money next year as a result of the current inflation situation and the ongoing Russia-Ukraine conflict. However, the weaker baht is likely to boost tourist spending power and encourage foreign tourists to visit Thailand.

Recently, TAT hosted its annual TAT Action Plan for 2023 conference to discuss post-covid tourism strategies. During the conference, TAT Governor Yuthasak Supasorn stated that the agency has already outlined a marketing strategy for the upcoming year that adheres to the TAT’s Corporate Plan 2023-2027 to strengthen the TAT’s position as the strategic leader in driving Thailand toward experience-based and sustainable tourism.

Thailand will continue to be amazing

The TAT will continue to utilize “Visit Thailand Year 2022-2023: Amazing New Chapters” as its international communication strategy. Under the ’From A to Z: Amazing Thailand Has It All’ slogan, Thailand will continue to be marketed as a world-class destination with something for everyone. This will be displayed alongside the kingdom’s 5F and 4M soft-power foundations.

TAT and airlines will form additional collaborative partnerships to promote international tourism and by promoting Thailand as a year-round destination, emphasis will also be placed on increasing domestic tourists’ travel frequency.

According to the TAT Governor, TAT and airlines will form additional collaborative partnerships to promote international tourism. By promoting Thailand as a year-round destination, emphasis will also be placed on increasing domestic tourists’ travel frequency.

The TAT marketing plan is consistent with the Bio-Circular-Green or BCG Economy Model, which conforms to the Sustainable Development Goals of the United Nations. Additionally, the agency will utilize the Thailand Tourism Virtual Mart as the primary online B2B platform for Thai tourism businesses and international tourism operators.

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About the author

Linda Hohnholz, eTN editor

Linda Hohnholz has been writing and editing articles since the start of her working career. She has applied this innate passion to such places as Hawaii Pacific University, Chaminade University, the Hawaii Children's Discovery Center, and now TravelNewsGroup.

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