Boston, MA -- (SBWire) -- 07/16/2013 --BMI's Thailand Tourism report examines the strong potential for growth offered by the Thai tourism market. The country's increasing domestic economic strength, combined with regional economic growth and a well developed infrastructure investment programme all point towards solid long term expansion in the tourism sector. The report looks at inbound and outbound tourism trends over a five year period, as well as an analysis of global and domestic economic conditions, developments in infrastructure and investments by major international hotel chains.
Inbound arrivals to Thailand saw substantial growth between 2010 and 2012, with the global economic downturn having little impact. While we don't expect the year on year growth rates of over 10% to continue, moving forward we still expect to see solid year on year growth with the total inbound annual arrivals figure reaching close to 27mn by 2017. This figure, an increase on previous forecasts, reflects the economic growth of Thailand's major markets such as China and Malaysia.
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After a slight decline in growth in 2012, outbound tourism is expected to rebound in 2013, with strong growth based on an expanding domestic economy. At the same time BMI is forecasting growth in receipts from tourism items and tourism related travel. The tourism market will receive a boost from the arrival of the first Formula One race in Thailand 2014, which will not only see an increase in arrivals but will also instigate further investment in the development of Thailand's tourism infrastructure, already benefiting from investment by several major global hotel chains.
Seven international airports, including the newly developed Suvarnabhumi Airport and a wide network of smaller domestic airports provide connectivity both domestically and internationally. Thailand also has a limited train network but most domestic travel takes place via road networks, many of which are in need of modernisation. A great deal of travel also takes place via boat between coastal areas and outlying islands.
Thailand has a wide range of tourist attractions, from the capital city Bangkok's vibrant nightlife and modern shopping centres to the jungles of the north around Chiang Mai and the beaches of Phuket, making the country an enduringly popular choice for travellers in the Asia Pacific region and beyond.
Key BMI Views:
- Many of the large hotel groups continue to invest in Thailand with several major new hotels and resorts due to open between 2013 and 2017; we expect to see increases in the number of hotels of around 2.6% and 6% per year up to 2017.
- Investment in the country's airports continues, with majors expansions planned at Suvarnabhumi including new runways and terminals, and better facilities at other regional airports allowing for their inclusion in low cost carrier flight routes.
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