Bank projects events revival

BANGKOK Kasikorn Research Centre estimates the country’s event industry will grow by 3.8% to 6.2% generating THB13.5 to THB13.8 billion in revenue by year-end.
The centre said there will be a substantial shift in the structure of the revenue stream within the events industry with more trade fairs, linked to ASEAN becoming a reality and opportunities to host lucrative international events in Thailand that declined in importance due to political instability in the past.
“The competition is getting more aggressive given the higher number of event organisers. Due to such a scenario, there will be changes in market shares with more new players, in contrast to the past when only a few event organisers dominated the market. In particular, we may see big businesses from other industries jumping in for a cut,” the bank’s think-tank explained.
The centre estimated that turnover in the events industry will rise from THB13 billion in 2014 to THB13.5 to THB13.8 billion this year, growing 3.8% to 6.2%.
inside no 1Expansion will probably come primarily from domestic activities such as business matching events, trade fairs targeting retail consumers, marketing events and those organised by the government sector.
However, a stable situation in the country will encourage more MICE tourism from overseas.
As the events business in Thailand becomes more competent, the country will be able to bid against Singapore and Malaysia for large international events.
The ASEAN Economic Community era, due to start at the end of this year, will also encourage more regional meetings and require Thai companies to tap potential in Cambodia, Laos and Myanmar to ensure local trade exhibitions can expand their commercial footprints.
The trade fair market has to grow beyond Bangkok, Chiang Mai, Khon Kaen, Pattaya and Phuket to other provinces the think-tank advised.
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