Russian travel boom over

05 Jan 2015  2037 | World Travel News

BANGKOK Kasikorn Research Centre says the Russian economic crisis will cut Russian travel to Thailand by at least 9.3% in 2014 and 24.6% in 2015 respectively.
The forecast comes as a shock for the local travel industry as it relies heavily on this market, which is one of the few to have delivered growth up until 2014.
The research centre said the Russian economy faces a crisis caused by the conflict in Ukraine, EU’s sanctions on economic and a fall in oil prices.
Those factors have been impacted the Russian economy this year and would cause a slowdown in the economy by 4% next year, it said.
inside no 1Since the beginning of this year, the Russian economic crisis has been impacted to Thailand tourism and export sectors, which caused a loss of THB21,560 million, or 0.16% of the country’s GDP.
In terms of tourism, the crisis discourages Russian travellers from spending on long-haul trips to places like Thailand. Russians are a significant source of business for the country’s tourism following China, India and Malaysia.
The centre estimated that this year there would be 1.58 million Russian travellers to the kingdom, down 9.3% and generating THB1,130,000 million, a decline of 7.3%; the first recorded in nine years.
The bank projected that Russian tourists to Thailand would drop by 24.6% to reach 1.19 million visits in 2015. Revenue from this market would generate THB90,000 million decreasing 20.7%.
Figures from the Ministry of Tourism and Sports indicate 1.74 million Russian tourists visited Thailand up 32.66% from 1.31 million in 2013, while revenue circulation reach THB122,502 million up 44.39% from THB 84,840 million.
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:ttrweekly.com 

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