Bank monitors tourism recovery

BANGKOK  Kasikorn Research Centre estimates international tourist arrivals to Thailand will reach 25 million visits and generate THB1.167 trillion in revenue by year end.
Thailand welcomed 26.7 million visits in 2013, up 19.6% on 2012 when arrivals reached 22.35 million. However, tourism took a dive this year, due to prolonged protests, a coup and martial law that is still in place, making it impossible to reach the year’s target of 28.01 million visits set by the Ministry of Tourism and Sports.
The bank’s think-tank unit noted that recovery started in October with 2.18 million visits, an increase of 6.1% over October last year. This was the first positive sign after consecutive declines since February, this year, at the height of anti-government protests that led to an army coup 22 May.
Inside no1The visa fee waiver for Chinese and Taiwanese tourists was cited as the main driver delivering positive arrivals in October.
For the remainder of the year, the bank claimed tourism would cover rapidly on the back of robust domestic travel, boosted by cool weather throughout northern Thailand.
The centre noted that Asian tourists, rather than Europeans, were the key players in aiding recovery. Travel by Chinese increased 67.02% with 501,043 visits in October. Malaysia and India also were positive markets, growing 11.05% (262,803) and 9.14% (87,990) respectively.
It estimated that tourist arrivals in Q4 of this year will reach 7.35 million, up 5.14% over the same period last year.
However, the year-end estimate is still 5.8% below last year, while revenue will decline 3.3% to THB1.167 trillion.
Kasikorn Research Centre is a subsidiary company of Kasikorn Bank, which conducts tourism and business research mainly on Thailand’s economy including tourism with reliable recommendations and indicators on business prospects.

sourced:traveldailynews.asia