New Consumer Goods market report from Business Monitor International: "Thailand Tourism Report Q4 2013"
Boston, MA -- (SBWIRE) -- 10/04/2013 -- BMI's Thailand tourism report looks at the substantial long-term investment potential offered by the Thai tourism market, with a strengthening domestic economy boosting infrastructure development and contributing to the increase in both internal and outbound travel.
Thailand's economy has shown solid growth in recent years and this fact, along with its well-established position in the Asia Pacific region as a popular tourist destination, means that it is well placed to take advantage of the expected growth in inbound and outbound travel. The strong domestic economy is driving up outbound travel, which we expect to increase throughout the forecast period.
The global economic turndown had little impact on arrivals to Thailand between 2010 and 2012, with the support of burgeoning markets in the Asia Pacific region bolstering inbound travel figures. While we do not expect the annual growth rates of over 10% seen in 2013 to continue, moving forward we still expect to see solid year-on-year (y-o-y) growth, with the total inbound annual arrivals figure reaching close to 27mn by 2017.
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The increase in inbound and outbound travel means that BMI is forecasting a growth in receipts from tourism items and tourism related travel expenditure. While already a popular tourist destination, Thailand will get a further 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.
The country already has a relatively well-developed air transport infrastructure and, with continued investments, we should see further improvements in this sector moving forward. Seven international airports, including the newly developed Suvarnabhumi Airport and a wide network of smaller domestic airports provide good 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.
With 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, Thailand is an enduringly popular choice for travellers from both the Asia Pacific region and beyond.
Key BMI Views:
- Most of the global top ten hotel chains already have a presence in Thailand, with many planning on extensive expansion and there are several major new hotels and resorts due to open between 2013 and 2017; BMI expects to see increases in the number of hotels of around 2.71% and 6.56% per year up to 2017.
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