thailand tourism outlook 2022

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Statistics on tourists traveling to Thailand in 2022

       After the COVID-19 outbreak began to improve, the Thai government started to open up the country for tourists, in the hope of creating a bustling tourism atmosphere again, resulting in the number of tourists entering the country in 2022 to increase significantly.

       The Thailand Tourism Outlook data showed details on the number of foreign tourists arriving in Thailand, and it was found that the number of tourists arriving in Thailand in the first 10 months of 2022 (January-October) reached 7,163,465; compared with the previous year, the percentage of the increase was a stunning 6,65,0.53%, a total increase of 7,057,348 from 2021.

The Top Five Countries Traveling to Thailand

1. Malaysia          1,291,381 people

2. India                  698,757 people

3. Singapore          381,940 people

4. Laos                   345,709 people

5. Vietnam             340,670 people

The Top Three Percentages of Tourists, by Continent

1. Asia                  41.74%

2. Europe             20.90%

3. East Asia          11.63%

       According to the above information, it is obvious that Asian countries have the highest number of foreign tourists traveling to Thailand, with the most visitors from Malaysia. 

Data updated on May 20, 2018 Source :Tourism Authority of Thailand Tel : +66 2250 5500

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Tourism industry in Thailand - statistics & facts

Domestic tourism, the outlook of tourism industry in thailand post covid-19 pandemic, key insights.

Detailed statistics

Foreign tourist arrivals Thailand 2015-2023

Value of tourism GDP Thailand 2017-2021

Value of tourism expenditures Thailand 2017-2021

Editor’s Picks Current statistics on this topic

Current statistics on this topic.

Travel, Tourism & Hospitality

Share of tourism to GDP value Thailand 2017-2020

Leisure Travel

Number of international visitors Thailand 2023, by region of origin

Related topics

Recommended.

• Demographics of Thailand
• Tourism worldwide
• Tourism and hotel industry in Singapore
• Tourism in Malaysia

Recommended statistics

• Premium Statistic Value of tourism GDP Thailand 2017-2021
• Basic Statistic Number of quarterly foreign visitors Thailand Q1 2021-Q4 2022
• Premium Statistic Number of local tourists Thailand 2023
• Premium Statistic Size of employment in tourism sector Thailand 2017-2021

Total value of the tourism's contribution to the Gross Domestic Product in Thailand from 2017 to 2021 (in billion Thai baht)

Number of quarterly foreign visitors Thailand Q1 2021-Q4 2022

Number of international tourists in Thailand from 1st quarter 2021 to 4th quarter 2022 (in 1,000s)

Number of local tourists Thailand 2023

Number of domestic visitors in Thailand from January to December 2023 (in millions)

Size of employment in tourism sector Thailand 2017-2021

Number of employees in the tourism sector in Thailand from 2017 to 2021 (in millions)

Economic impact

• Premium Statistic Direct contribution of tourism to gross domestic product Thailand 2017-2021
• Premium Statistic Indirect contribution of tourism to gross domestic product Thailand 2017-2021
• Premium Statistic Value of tourism tax Thailand 2017-2021
• Premium Statistic International tourist arrivals revenue Thailand 2023
• Premium Statistic Local tourists revenue Thailand 2023

Direct contribution of tourism to gross domestic product Thailand 2017-2021

Direct contribution of the tourism industry to the gross domestic product (GDP) in Thailand from 2017 to 2021 (in billion Thai baht)

Indirect contribution of tourism to gross domestic product Thailand 2017-2021

Indirect contribution of the tourism industry to the gross domestic product (GDP) in Thailand from 2017 to 2021 (in billion Thai baht)

Value of tourism tax Thailand 2017-2021

Value of tourism tax in Thailand from 2017 to 2021 (in billion Thai baht)

International tourist arrivals revenue Thailand 2023

Tourism revenue incurred from international tourist arrivals in Thailand from January to December 2023 (in billion Thai baht)

Local tourists revenue Thailand 2023

Tourism revenue incurred from domestic visitors in Thailand from January to December 2023 (in billion Thai baht)

• Premium Statistic Number of international visitors Thailand 2023, by region of origin
• Premium Statistic Number of foreign visitors Thailand 2023, by region
• Premium Statistic Revenue generated from foreign visitors Thailand 2023, by region
• Premium Statistic Number of traveling locals Thailand 2023, by region
• Premium Statistic Revenue generated from traveling locals Thailand 2023, by region

Number of foreign tourists in Thailand in 2023, by region of origin (in 1,000s)

Number of foreign visitors Thailand 2023, by region

Total number of foreign visitors in Thailand in 2023, by region (in millions)

Revenue generated from foreign visitors Thailand 2023, by region

Total revenue generated from foreign visitors in Thailand in 2023, by region (in billion Thai baht)

Number of traveling locals Thailand 2023, by region

Total number of Thai travelers within the regions of Thailand in 2023, by region (in millions)

Revenue generated from traveling locals Thailand 2023, by region

Total revenue generated from Thai travelers within the regions of Thailand in 2023, by region (in billion Thai baht)

Accommodation

• Premium Statistic Share of foreign visitors to total guests of accommodations Thailand 2015-2023
• Premium Statistic Share of foreign visitors to total guests of accommodations Thailand 2023, by region
• Premium Statistic Advance reservation rate of accommodations Thailand 2015-2023
• Premium Statistic ADR of accommodations Thailand 2015-2023
• Premium Statistic Popular accommodations for Thais when travelling Thailand Q2 2021

Share of foreign visitors to total guests of accommodations Thailand 2015-2023

Proportion of international tourists to total guests of the accommodations in Thailand from 2015 to 2023

Share of foreign visitors to total guests of accommodations Thailand 2023, by region

Proportion of international tourists to total guests of the accommodations in Thailand in 2023, by region

Advance reservation rate of accommodations Thailand 2015-2023

Share of 3-month advanced reservations on the total accommodation occupancy rate in Thailand from 2015 to 2023

ADR of accommodations Thailand 2015-2023

Average daily rate (ADR) of accommodations in Thailand from 2015 to 2023 (in thousand Thai baht)

Popular accommodations for Thais when travelling Thailand Q2 2021

Accommodations that Thais planned to stay at when travelling in Thailand in 2nd quarter 2021

Tourist perspectives

• Premium Statistic Ideal travel destinations in Asia among Thais 2023
• Premium Statistic Online travel agency usage Thailand 2023
• Premium Statistic Most used online travel agencies Thailand 2023
• Premium Statistic Most common duration before a trip to purchase travel tickets on OTAs Thailand 2023
• Premium Statistic Reasons for using online travel agencies for purchasing tickets Thailand 2023
• Premium Statistic Reasons for not using online travel agencies for purchasing tickets Thailand 2023

Ideal travel destinations in Asia among Thais 2023

Leading travel destinations in Asia among tourists in Thailand as of January 2023

Online travel agency usage Thailand 2023

Online travel agency usage in Thailand as of June 2023

Most used online travel agencies Thailand 2023

Leading online travel agencies in Thailand as of June 2023

Most common duration before a trip to purchase travel tickets on OTAs Thailand 2023

Most common duration before a trip to purchase travel tickets on online travel agencies (OTAs) in Thailand as of June 2023

Reasons for using online travel agencies for purchasing tickets Thailand 2023

Reasons for using online travel agencies for purchasing tickets or services in Thailand as of June 2023

Reasons for not using online travel agencies for purchasing tickets Thailand 2023

Reasons for not using online travel agencies for purchasing tickets or services in Thailand as of June 2023

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After reopening, Thailand’s battered tourism struggles to rebuild

Authorities hope 5 to 15 million visitors will visit the country this year, down from 40 million before the pandemic.

Krabi, Thailand –  At Railay Beach, an Instagrammers’ favourite known for its wide, warm sands bookended by limestone cliffs, 23-year-old Londoner Becca sips coffee and savours the return of Thai backpacking following a recent easing of entry requirements.

“We saved our money, quit work and travelled here,” she told Al Jazeera of her months-long trip with friends, which was impossible during the last two years lost to the pandemic.

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Thailand was one of the first places in the world to reopen to tourists late last year, but under a confusing web of rules – including seven-day quarantine – travellers complained the small print failed to match the big announcements.

Meanwhile, horror stories of people testing positive on arrival and being shunted into 14-day quarantine – paid for from their own pocket – bounced around travel blogs and Twitter.

On May 1, Thailand dropped its “Test & Go” quarantine procedure, allowing vaccinated visitors to enter freely, while an onerous pre-departure registration scheme known as the “Thailand Pass” is likely to also be abandoned within weeks.

Authorities hope the result will be between 5 and 15 million overseas visitors by year-end, as the Southeast Asian country prepares to declare the coronavirus endemic and throws open the door to a travel-starved world.

On Railay beach, bars and restaurants already hum with backpackers, many knocking back beers to a loud techno soundtrack as the sun dips behind the ocean.

As far as Becca is concerned, the island-hopping route across Koh Phangan, Koh Samui, Phi Phi and Koh Tao is firmly back in business.

“It’s so cheap here, compared with where we’re from,” she said. “It’s such a treat to have a meal for two pounds.”

A 10-minute walk to the more rugged east side of the coast, tour operator Naren Fangkwa is less enthusiastic as he laments the continued absence of wealthier tourists to one of Thailand’s top destinations.

Naren believes many high-end visitors have been frightened off by the kingdom’s constantly changing entry rules.

“Since borders opened, visitors are mainly young people like uni students and backpackers who don’t really buy tour packages,” he said.

Many restaurants on Naren’s side of Railay get by on handfuls of customers, while several others remain shut, victims of a pandemic that has smashed one of the country’s most crucial industries.

Despite the banner headlines about reopening, tourism is still far below pre-pandemic levels, when it attracted nearly 40 million people and generated more than $60bn of revenue, accounting for up to a fifth of the kingdom’s gross domestic product.

Last month, forward bookings for 2022 showed Thailand had reached 25 percent of normal levels, compared with 72 per cent and 65 percent each for Singapore and the Philippines, respectively.

Nevertheless, the kingdom expects those who do visit between now and year-end – the majority from Europe, the United States, the Middle East and India – to spend at least 630 billion baht ($18bn) in the country, providing a much-needed boost to incomes as inflation chews into purchasing power.

Halal tours

Krabi, whose population is 40 percent Muslim, is particularly well-placed to pull in an expected surge in Middle Eastern visitors, with “halal tours” offering a mix of sightseeing, religious visits and food.

“We’re planning to tap the Middle Eastern market this year, especially Saudi Arabia,” Sasithorn Kittidhrakul, president of Krabi Tourism Association, told Al Jazeera.

“It’s a high-end market for us and Krabi has what it takes to cater to the health and wellness conscious tourists.”

Sasithorn said bookings at the province’s hotels are running at 30 percent for the next high season of October to March.

So far, bold projections of one million visitors a month are yet to be felt across the grassroots economy of Krabi, where most families count several members employed in tourism.

Driver Sorapong Kuasuk said high-spending tour groups are yet to reappear and blames months of mixed messaging from the government for deterring bookings.

“Tourists are going to go to other countries that have clearer COVID measures,” he said, condemning Thailand’s months-long debate over ending quarantine on entry.

“Everyone knows that if the Thai authorities announce one thing in the morning they will change it by the evening. I think it’ll be a while before tourists feel more confident to return.”

Bigger economic forces also threaten the outlook for Thailand’s tourism reboot.

Surging living costs are eating into the disposable incomes of the world’s middle class.

Earlier this month, analysts at J P Morgan issued a pessimistic outlook for Thailand’s economic recovery, due in part to the lack of a timetable for the return of Chinese tourists under Beijing’s draconian “dynamic zero COVID” policies.

From Krabi to Phuket and Pattaya, Thai resorts do not expect a return to the boom times until Chinese visitors, who made up more than one-quarter of arrivals before the pandemic, come back.

For the tour operators of Railay, the next few months are about survival.

“We barely make 5 percent back of what we used to before COVID,” Atittaya Kajay, who sells boat trips to nearby islands, told Al Jazeera.

“People spend less now, they want bargains when before they were all higher end, people with money”.

Thailand’s Economy Remains Resilient amid Global Headwinds

BANGKOK, December 14, 2022 – Thailand’s economy is projected to recover to its pre-pandemic level in 2022, but the pace of growth will be slower-than-expected in 2023 owing to global headwinds. The economy is projected to expand by 3.4 percent in 2022 and 3.6 percent in 2023. Growth in 2023 has been revised down by 0.7 percentage point compared to June projections reflecting faster-than-expected decline in global demand. Tourism sector recovery and private consumption will remain the major drivers of growth.

The Thailand Economic Monitor for December 2022: Fiscal Policy for a Resilient and Equitable Future , released today, finds that the Thai economy has shown resilience to recent global shocks. Economic growth accelerated to 4.5 percent in the third quarter of this year fueled by resurgent private consumption and strong tourism inflows following economic reopening in May and the authorities’ measures to mitigate cost-of-living pressures. Tourism arrivals reached 45 percent of the pre-pandemic level in September, surpassing those in Indonesia and the Philippines.

Most recently, Thailand experienced a significant slowdown in exports growth like other ASEAN peers, reflecting the impact of the global economic slowdown. Exports of goods are expected to contract by 2.1 percent in 2023, a sharp decline from the estimated expansion of 8.1 percent in 2022. This downward revision reflects weakening demand from the major trading partners, including China, the European Union, and the US.

“As Thailand looks towards resuming its path towards high-income country status post-pandemic, raising adequate fiscal space will be necessary to meet the additional spending need and provide a fiscal buffer for future shocks,” said Fabrizio Zarcone, World Bank Country Manager for Thailand .

According to the report, Thailand’s fiscal response to COVID-19 significantly mitigated the impact of the crisis on household welfare. Poverty is, however, projected to rise to 6.6 percent in 2022 from 6.3 percent in 2021 as the COVID-19 relief measures start to be phased out amid elevated inflation. Additional shocks, including a renewed spike in energy prices, may further erode fiscal space unless more targeted and cost-effective social assistance measures are introduced.

“The current crisis serves as an impetus to undertake much-needed structural reforms required to improve the quality and allocation of spending as well as to raise structurally low revenue,” said Kiatipong Ariyapruchya, Senior Economist for Thailand at the World Bank . “Meeting the spending need, while also improving distributional impacts of fiscal policies and undergoing fiscal consolidation, requires more efficient and targeted spending and further effort on revenue mobilization.

The report recommends improving jobs and earnings opportunities among low-income groups, while creating fiscal space to achieve adequate spending on social assistance for the most vulnerable groups including elderly, disabled and extreme poor people. Financing the necessary public investments in physical and digital infrastructure and human capital to promote growth and human development in the longer term will also be critical for achieving sustainable poverty reduction.

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Thailand’s Tourist Influx Gives Its Economy a Much Needed Boost

Anant Chandak, Reuters

August 13th, 2022 at 4:26 AM EDT

The country welcomed a million foreign tourists in July, which is some 230,000 more than the previous month. But longer term the government is keeping its eye on the China market.

Matthew Parsons

Thailand’s economy likely grew at its fastest pace in a year last quarter, thanks to increased tourism as pandemic curbs eased , but the high cost of living and a slowdown in China pose threats to the outlook, a Reuters poll showed.

Growth in the tourism-dependent economy is estimated at 3.1 percent year-on-year in the second quarter, according to the median forecast of 16 economists polled between Aug. 8 and 11, up from 2.2 percent growth in the previous quarter.

However, on a quarterly basis, gross domestic product (GDP) grew a seasonally-adjusted 0.9 percent, slowing slightly from 1.1 percent in the preceding quarter, the median forecast from a smaller sample of 12 economists showed.

Forecasts ranged from 0.1 percent to 1.3 percent, highlighting uncertainties surrounding the recovery of Southeast Asia’s second-largest economy from the pandemic. The data are due to be released on Aug. 15.

“Thailand’s crucial tourism sector is a significant part of the economy and a faster-than-expected revival should lift overall growth,” said Chua Han Teng, economist at DBS.

“That said, the tourism sector’s significant reliance on Chinese tourists suggests a full recovery to pre-pandemic numbers remains quite some time away, if China does not loosen its zero-Covid policy.”

Thailand received 1.07 million foreign tourists in July, up from 767,497 the previous month.

The government has estimated foreign tourist arrivals will reach 10 million this year. Prime Minister Prayuth Chan-ocha said the economy was expected to grow 3.3 percent this year and 4.2 percent next year, helped by increased tourism.

But an ongoing Covid-19 situation in China, which still pursues a zero-Covid strategy , has stoked fears of a delay in the return of Chinese tourists. That, along with a slowdown in the world’s second-biggest economy, increases the risk of a deep global recession.

“Heightened fears of a global recession amid an uncertain environment could act as a drag on Thailand’s economy and pose downside risks to our growth forecast,” DBS’ Han Teng added.

A separate Reuters poll showed Thailand’s economy would grow 3.4 percent this year and then accelerate to 4.1 percent in 2023, before slowing to 3.5 percent in 2024.

But inflation remains a concern. The headline rate dipped to 7.61 percent in July but was still near June’s 14-year high and well above the Bank of Thailand’s (BOT) target range of 1-3 percent.

“There’s no clear sign that inflation would clearly come down or significantly fall,” said Tim Leelahaphan, economist at Standard Chartered.

(Reporting by Anant Chandak; Polling by Devayani Sathyan; Edited by Hari Kishan and David Holmes)

Copyright (2022) Thomson Reuters. Click for restrictions

This article was written by Anant Chandak from Reuters and was legally licensed through the Industry Dive Content Marketplace . Please direct all licensing questions to [email protected] .

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Photo credit: Maya Bay, Thailand. Athit Perawongmetha / Reuters

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Trends, Growth, and Opportunity Analysis of Tourism in Thailand Tourist Type for 2024 to 2034

An In-depth Look at Demand for Tourism in Thailand by Domestic and International

Thailand’s Sunny Beaches Coupled with the Vibrant Nightlife of its Cities Sees the Country’s Tourism Industry become More Tempting with Time

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Thailand Tourism Industry Snapshot

Demand for tourism in Thailand is valued at US$ 61,323.00 million in 2024. As affordable travel costs make Thailand a budget-friendly destination, the industry holds the potential to exceed US$ 84,027.30 million by 2034. With high investment in tourism infrastructure, the industry is set to record a CAGR of 3.2% over the forecast period.

Industry Outlook

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Thailand Tourism Industry Outlook

Thailand’s numerous religious destinations, not only of the dominant Buddhist kind but also Hindu and Muslim, are seeing a greater number of spiritual and family tourists abound in the country.

Efforts by tourism providers to provide a comprehensive temple or Wat experience, i.e., a guided tour of the major religious destinations in a location, are attracting tourists. For example, boat tours in Bangkok not only cover the important Wats in the city but also provide a scenic experience to tourists.

From the spiritual to the luxurious, Thailand has a plethora of experiences for tourists with loose purses. Tourism industry stakeholders in Thailand are concentrating on premium experiences to increase earnings.

Private rooms in clubs, fine dining experiences, and other assorted luxuries, such as access to the roof of the King Power Mahanakhon, are seeing a higher grade of tourists make the journey to Thailand’s hotspots.

The enormous volume of tourists visiting Thailand is necessitating tour companies in the country to provide consumers with better facilities and guidance. Bangkok is reputed as the most visited city in the world, while other popular areas like Pattaya and Phuket are also teeming with tourists.

To help tourists navigate the country better, tourist companies are providing facilities like online booking, AI tools for planning trips, virtual experiences, and more. The street food of Thailand is another selling point that is being utilized by stakeholders.

Street tours in Thailand incorporate indulging in various Thai delicacies, while the cheap nature of the street food also enamors tourists. These street food excursions are complemented by shopping stops, where again the relatively cheap nature of the goods comes into play.

Opportunities for Vendors to Capitalize on Thailand Tourism Trends

Thailand’s happening nightlife draws a significant number of tourists to the country who want to take part in the club culture. Whether sports bars, pubs, or racier establishments, tourist companies have the opportunity to go beyond traditional tourist routes and offer a freer and more pleasurable experience to tourists.

Tour companies in Thailand are thus seeing bachelors and trendy couples emerge as a significant part of the consumer base. Chinatown in Bangkok and Walking Street in Pattaya are popular destinations for these kinds of experiences.

The vibrant nature of the nightlife in Thailand is aided by the wide availability of alcohol, in all price ranges, as well as fewer restrictions on cannabis use as compared to other Asian countries.

International tourists in Thailand are also finding navigating the country to be an easy experience due to the proliferation of convenience stores in the country. For example, Thailand boasts the second-highest number of 7-Eleven stores in the world.

The beaches in Thailand are one of the primary selling points for tourism in the country. Tour companies, to save time and give more bang for the buck to tourists, are selling island-hopping packages. These island-hopping packages incorporate a variety of beaches into the tour’s itinerary, with the islands in southern Thailand, near Phuket and Krabi, prominent hubs for these packages.

The availability of different boating experiences, such as kayaking, speed boats, cruises, and more is also making these packages attractive to consumers. Thus, vendors have the opportunity to enhance demand by offering convenient and varied island-hopping packages.

While hotspots like Bangkok, Chiang Mai, and Phuket see a high concentration of tourists, social media influencers are opening people’s eyes to other untapped corners of the country.

Spots like Wat Pa Maha Chedi Kaew, a Buddhist temple constructed by monks from leftover beer bottles, are receiving renewed attention due to social media. Thus, tour operators in Thailand have the opportunity to make use of social media to widen the scope of the tourist sector.

Thailand is associated with Muay Thai. As the number of Muay Thai fights increases, the sport is becoming more accessible to tourists. Muay Thai promoters are also offering schemes like free beers and snacks on the purchase of tickets to tempt more consumers. Thus, Muay Thai getting more recognition is a promising avenue of growth for players in the Thai tourist industry.

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Overview of Restrictive Factors for Tourism in Thailand

Negative connotations associated with trips to Thailand make consumers hesitant about undertaking trips to the country. These negative connotations arise as a result of the presence of hustlers, frauds, thieves, etc. littering the country.

The language barrier also acts as a restraining factor, with a considerable number of small-scale service providers struggling to communicate with outsiders. Tourist companies are concentrating on providing a safe experience to tourists as well as making available online and offline guides to counter these drawbacks.

Comparative View of Adjacent Industries

In addition to the Thailand tourism industry, analysis has been done on two other related industries. The industries by name are the Asia Pacific tourism industry and the United States outbound tourism industry.

Development of countries such as Laos, Sri Lanka, and Bhutan from niche destinations to prime tourist hotspots is encouraging the growth of tourism in the Asia Pacific.

The diverse population of the United States traveling abroad to learn about the places of their ancestors is inducing growth in the United States outbound tourism industry.

Thailand Tourism Industry:

Asia Pacific Tourism Industry:

United States Outbound Tourism Industry:

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Category-wise Insights

Domestic travelers make up the overwhelming number of tourists in thailand.

Domestic tourists are anticipated to account for 56.0% of the industry share in 2024. With upgrades in lifestyles observed across the country, more percentage of the Thai population is putting aside time for leisure, which is positively impacting traveling activities in the country. The spiritual bent of a considerable portion of the Thai population also increases tourist activities related to temples.

Foreign tourists represent a significant avenue for growth for industry players. Thailand’s climbing reputation as a party hotspot ensures foreign tourists keep streaming into the country.

Online Booking Books the Top Spot in the Booking Channel Segment

In 2024, online booking is expected to account for 51.0% of the industry share by booking channel. To get ahead of the pack and ensure a seamless tour, consumers are booking online tours.

The determination of tour operators to preview a captivating experience to travelers is also enticing tourists to come to Thailand in increasing measure. Online booking is also helping domestic tourists on brief trips to have a more convenient experience.

Competitive Landscape

Tourist companies in Thailand are undertaking regulatory formalities for foreign tourists to offer a more attractive package to consumers. With individuals from more than 60 nations allowed in Thailand without visas, tour operators are targeting tourists from these countries.

Bangkok Travel Agency is concentrating on providing attractive temple tours, with tours involving the Bangkok nightlife also sprinkled in. Another significant industry player, NS Travels & Tours, has honed in on specific cultural experiences like Thai cuisine cooking classes and history-focused tours.

Recent Developments

• In January 2024, it was announced by the Department of Tourism that foreign film productions in Thailand would receive a 20% rebate, provided they spend over US$ 4 million. The move was intended to boost tourism, with the full 20% rebate requiring the promotion of Thailand tourism.
• In November 2023, it was announced that Indian citizens would be granted visa-free entry to Thailand, for a period till May 2024.

Key Coverage in Thailand Tourism Industry Report

• Tourism in Thailand Industry Analysis
• Northern Thailand Tourism Growth Assessment
• Thailand Tourism Packages Demand Report
• Thailand Travel Industry Report
• Tourism Industry in Thailand Coverage
• Thailand Sustainable Tourism Industry Analysis

Scope of the Report

Thailand tourism industry by category, by booking channel:.

• Phone Booking
• Online Booking
• In Person Booking

By Tour Type:

• Independent Traveler
• Package Traveler

By Tourist Type:

• International

By Age Group:

• 15-25 Years
• 26-35 Years
• 36-45 Years
• 46-55 Years
• 66-75 Years

By Consumer Orientation:

Frequently asked questions, what is the 2024 tourism industry value for thailand.

Thailand’s tourism industry value is estimated at US$ 61,323.00 million for 2024.

What is the Demand Forecast for Tourism through 2034 in Thailand?

Tourism demand is expected to reach US$ 84,027.30 million by 2034 in Thailand.

What is Thailand’s Future Outlook for Tourism?

Thailand’s tourism industry is expected to record a CAGR of 3.2% over the forecast period.

What are the Opportunities for Tourism in Thailand?

Thailand’s infamous nightlife and island-hopping packages are two of the significant opportunities for tourism industry expansion.

What are the Prominent Companies for Tourism in Thailand?

Bangkok Travel Agency Thailand, NS Travels & Tours, Elite Holiday & Agency, and Sun Leisure World are some of the prominent tourism companies operating in Thailand.

Table of Content

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Thai economy returns to growth in Q4, but recovery in 2022 seen slow

• Medium Text

• Q4 GDP +1.8% q/q sa vs +1.4% in Reuters poll
• Q4 GDP +1.9% y/y vs +0.7% in poll
• Keeps 2022 GDP growth outlook at 3.5-4.5%
• Recovery seen slow as tourism remains low

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Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Sam Holmes, Ed Davies & Shri Navaratnam

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Thailand GDP expands 4.5% in Q3, buoyed by tourism

Private spending also helps economy mimic pre-COVID era but inflation weighs

BANGKOK -- A reinvigorated tourism sector not only helped Thailand's gross domestic product to a year-on-year 4.5% expansion for the third quarter but also gave a big boost to personal consumption, the National Economic and Social Development Council (NESDC) announced on Monday.

The economic lift came despite inflation taking a toll.

Thailand shifts to European, U.S. tourists to rely less on Chinese

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Thailand tourism sector likely to rebound from 2022 amid higher tourist arrivals

Tan Nai Lun

THE Thai tourism sector will likely rebound as tourist arrivals accelerate amid relaxed entry rules and easing Covid-19 cases, analysts said.

Maybank analyst Yuwanee Prommaporn upgraded its call on the sector to “positive” from “neutral”, as she expects the trend of rising tourist arrivals could continue until the year-end, with international arrivals reaching 1 million each month in the fourth quarter of 2022.

While first-quarter tourist arrivals were below expectations amid the Omicron variant and tight entry rules, Prommaporn expects Thailand will still have 9 million tourist arrivals in 2022, boosted by the easing of entry rules.

From Jun 1, fully vaccinated foreign tourists to Thailand will receive instant approval after submitting the required documents for a No Quarantine Thailand Pass to visit the country, while Thai tourists will be exempted from registration. Partially vaccinated or unvaccinated travellers no longer need mandatory quarantine.

Prommaporn said the surge in tourist arrivals should lead to higher hotel occupancy rates, which is a catalyst for the sector. A campaign by the Thai government to promote tourism should also boost hotel occupancy rates.

CGS-CIMB expects hotels in Thailand will benefit from the increase in tourist arrivals, and upgraded its call on the Thai hotel sector to “neutral” from “underweight”.

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The research team expects Thailand could see 7 million tourist arrivals in 2022 and 15 million in 2023, supported by the falling number of Covid-19 infections in Thailand as well as worldwide.

Additionally, CGS-CIMB expects foreign tourists could be exempted from the Thailand Pass soon, as Thais are already exempted from registration, which would bring in even more tourists. It also does not see risk from monkeypox disrupting the tourism recovery as it is unlikely not airborne.

However, Fitch Solutions noted that the recovery of the global travel sector is likely much faster in the Americas and Europe than in Asia, with flight numbers in most of Asia remaining “far below their pre-pandemic levels” in early June.

The research team expects the trend will continue over the remainder of 2022, as Chinese travellers – which make up 20 to 25 per cent of international visitors to South-east Asia – will likely continue to face strict border controls. They may also be held back by a weak economy and lingering consumer fears.

Maybank’s Prommaporn said her top picks for the Thai tourism sector are airport operator Airports of Thailand and hospitality group Minor International.

The analysts said the airport operator, as a gateway to Thailand, is likely a prime beneficiary of the recovery of Thai tourism. Meanwhile, Minor International should benefit from its portfolio in Europe as the hotel recovery there could be faster than in Thailand.

As for the CGS-CIMB research team, S Hotels and Resorts is its top pick among other Thai hotels.

KEYWORDS IN THIS ARTICLE

• Thailand likely to hike rates in August after holding steady in June: Moody’s Analytics  
• Thailand’s Minor International keen on Asean expansion, with KL on its radar
• Thailand's budget bill increase expected to pass, bodes well for contractors: CGS-CIMB

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Thailand's economy rebounds in early 2023 as tourism surges

Executive Director and Asia-Pacific Chief Economist, S&P Global Market Intelligence

Thailand has shown a gradual economic recovery from the COVID-19 pandemic during 2022, helped by rising international tourism arrivals. Real GDP growth rose from 1.5% in 2021 to 2.6% in 2022, with growth momentum expected to improve further in 2023.

The latest S&P Global Thailand Manufacturing PMI survey results for April 2023 showed a strong upturn in manufacturing output and new orders. Due to the importance of international tourism for the Thai economy, the strong rebound in international tourism inflows evident in early 2023 signals that the tourism economy will be a key growth driver in 2023.

Thailand's economic recovery from the pandemic

The Thai economy has shown an upturn in economic growth momentum in early 2023, with first quarter GDP growth up by 2.7% year-on-year (y/y), compared with 1.4% y/y growth in the fourth quarter of 2022.

The strong first quarter growth rate was underpinned by rapid growth in private consumption, which rose by 5.4% y/y, helped by surging international tourism arrivals. Expenditure on services rose by 11.1% y/y due to buoyant spending in hotels and restaurants. However private investment grew at a modest pace of just 2.6% y/y, while public investment grew by 4.7% y/y.

Thailand's growth rate in 2022 was quite moderate in comparison with other large ASEAN economies such as Malaysia, Vietnam and Philippines, which posted very high growth rates as they rebounded from the pandemic. Thailand recorded real GDP growth of 2.6% in 2022, representing a relatively modest pace of economic recovery from the recessionary conditions caused by the COVID-19 pandemic.

A key driver for improving economic growth in 2022 was the recovery of private consumption, which grew by 6.3% compared with just 0.6% y/y growth in 2021. Private investment growth also improved from a pace of 3.0% in 2021 to 5.1% in 2022. However public investment contracted by 4.9% in 2022, while government consumption was flat.

Strong growth in private consumption and investment as well as rising energy import prices helped to boost import growth, which rose by 15.3% in 2022, while exports rose by just 5.5%, measured in USD terms. Consequently, the trade balance narrowed from USD 32.4 billion in 2021 to USD 10.8 billion in 2022.

Due to the important contribution of international tourism to Thailand's GDP, a key factor that constrained the rate of recovery of the Thai economy in 2022 was the slow pace of reopening of international tourism, although this gathered momentum in the second half of 2022.

The S&P Global Thailand Manufacturing PMI surged to 60.4 in April from 53.1 in March, signalling a rapid improvement in overall business conditions and the strongest performance in any month since the survey started in December 2015. The month-on-month increase in the headline PMI, at 7.3 points, was also by far the biggest on record (the next-largest upward movement was 4.8 points in May 2020).

A key factor driving the improvement in manufacturing operating conditions was a marked expansion in new orders during April. The rate of growth was the fastest on record and largely driven by domestic demand.

Despite rising demand for raw materials and components in April, manufacturers reported shorter suppliers' delivery times for the first time since April 2022. This reflected a wider recovery in regional and global supply chains. Price pressures eased in April, with input prices having increased at the slowest rate in three months.

Thailand's headline CPI inflation rate eased to 2.7% y/y in April 2023 compared with 5.0% y/y in January 2023 and 7.9% y/y in August 2022. The Monetary Policy Committee (MPC) of the Bank of Thailand decided to raise the policy rate by 0.25% from 1.25% to 1.50% at their Monetary Policy meeting on 25 January 2023, with a further 0.25% rate hike implemented on 29 March 2023. This follows three 25bp rate hikes by the MPC in 2022, In 2022, the Monetary Policy Committee (MPC) decided to increase the policy rate three times by 25 basis points each in August, September and November. The MPC assessed that headline inflation will likely return to the target range by mid-2023, with average CPI inflation projected to decline to 2.9% in 2023 and 2.4% in 2024.

Recovery of international tourism sector

International tourism was a key part of Thailand's GDP prior to the COVID-19 pandemic, contributing an estimated 11.5% of GDP in 2019. However, foreign tourism visits collapsed after April 2020 as many international borders worldwide were closed, including Thailand's own restrictions on foreign visitors.

As COVID-19 border restrictions were gradually relaxed in Thailand and also in many of Thailand's largest tourism source countries during 2022, international tourism showed a significant improvement during the second half of the year. The number of international tourist arrivals reached 11.15 million in 2022, compared with just 430,000 in 2021. However, the total number of visits was still far below the 2019 peak of 39.8 million, indicating considerable scope for further rapid growth in the tourism sector during 2023.

International tourism arrivals in the first quarter of 2023 surged to 6.5 million visitors, which was more than half the total number of international tourist visits in 2022. Total tourism receipts in the first quarter for both domestic and international tourism spending was estimated at 499 billion baht, up by 127% y/y. The Tourism Authority of Thailand has increased its estimated target for international tourism visits in 2023 to 25 million, which is more than double the total number of international tourism arrivals in 2022.

Thailand economic outlook

Despite the upturn in private consumption and international tourism arrivals in 2022, the overall pace of economic expansion was relatively moderate, at just 2.6%. Easing of pandemic-related travel restrictions during 2022 has also allowed a gradual reopening of domestic and international tourism travel, which gathered momentum in the second half of 2022.

With more normal conditions expected for international tourism travel in 2023, this should provide a significant boost to the economy. Due to the importance of tourism inflows from mainland China prior to the pandemic, the reopening of mainland China's international borders will be an important factor contributing to the further recovery of Thailand's tourism market.

Helped by the continued recovery of the international tourism sector, some upturn in GDP growth to a pace of around 3.4% is expected in 2023.

Over the next decade Thailand's economy is forecast to continue to grow at a steady pace, with total GDP increasing from USD 500 billion in 2022 to USD 860 billion in 2032. A key driver will be rapid growth in private consumption spending, buoyed by rapidly rising urban household incomes.

The international tourism sector will continue to be a dynamic part of Thailand economy, buoyed by rapidly rising tourism arrivals the populous Asian emerging markets, notably mainland China, India and Indonesia.

By 2036, Thailand is forecast to become one of the Asia-Pacific region's one trillion-dollar economies, joining mainland China, Japan, India, South Korea, Australia, Taiwan, Philippines and Indonesia in this grouping of the largest economies in APAC. The substantial expansion in the size of Thailand's economy is also expected to drive rapidly rising per capita GDP, from USD 6,900 in 2022 to USD 11,900 by 2032. This will help to underpin the growth of Thailand's domestic consumer market, supporting the expansion of the manufacturing and service sector industries.

However, rising per capita GDP levels will also put pressures on Thailand's competitiveness in certain segments of its manufacturing export industry. Therefore, an important policy priority for nation will be to continue to transform manufacturing export industries towards higher value-added processing in advanced manufacturing industries.

One of the key economic and social challenges facing Thailand is its rapidly ageing population, which will result in a rising burden of health care and social welfare costs over the next two decades. This will be a drag on Thailand's long-term potential growth rate, making investment in technology and innovation increasingly important to mitigate the economic impact of demographic ageing.

Rajiv Biswas, Asia Pacific Chief Economist, S&P Global Market Intelligence

[email protected]

© 2023, S&P Global Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.

Purchasing Managers' Index™ (PMI ® ) data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.

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