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Thailand Tourism Boom: Investment Opportunities 2024

by Jeremie Pieyre on 14/08/2024

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Thailand’s Tourism Set for Massive Surge: Projected 65 Billion USD Revenue

Thailand’s tourism sector is set for a major boost in the latter half of the year, with expected revenues of 1.46 trillion baht, pushing the annual total to 2.8 trillion baht—25% higher than last year, according to the Tourism Authority of Thailand (TAT). The increase is driven by a revival in flight numbers and various promotional campaigns, anticipating a 23% rise in tourism revenue from both international and domestic visitors.

The TAT forecasts 18.2 million foreign tourists spending 964 billion baht and 103 million domestic trips generating 504 billion baht. The country aims to welcome 35.9 million foreign visitors and record 192 million domestic trips by year’s end. International flights are expected to return to 80% of their 2019 levels, with significant inbound traffic from East Asia, Europe, and South Asia.

China is expected to lead with 3.6 million visitors, followed by Malaysia and South Korea. To attract Chinese tourists, TAT will launch a “Nihao Month” in September, celebrating 50 years of diplomatic relations between Thailand and China. TAT is also targeting meeting and incentive groups from India and increasing its presence in the Middle East. Additionally, a new office will open in Chicago to cater to demand from the Midwest and Canada.

It’s a good time to invest in Thailand’s real estate!