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Boston, MA -- (SBWIRE) -- 12/25/2013 -- BMI's Thailand tourism report examines the trends we expect to see across a range of market indicators, including inbound and outbound travel, tourism-related expenditure and hotel industry value. With domestic economic growth and booming markets in key source countries, the future is looking very positive for tourism in Thailand.
Thailand has experienced several years of solid growth, and is well placed to take advantage of economic growth in key source markets such as China and India. It is a well established and popular destination, both in the region and beyond. It has a relatively well developed air transport infrastructure and, with continued investment, we should see further improvements in this sector. 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 has a limited train network, but most domestic travel takes place by road, many of which are in need of modernisation. A great deal of travel also takes place via boat between coastal areas and outlying islands. The hotel market is also well developed, although there is plenty of room for further development. As such Thailand is well placed to take advantage of the expected growth in inbound and outbound travel.
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The expected domestic economic growth will provide a substantial boost to outbound travel. At the same time, we expect inbound arrivals to grow throughout our forecast period, to 2017. The global economic turndown had little impact on arrivals to Thailand between 2010 and 2012, and while we do not expect the annual growth rates of over 10% seen in 2012 to continue, we still expect solid year-on-year (y-o-y) growth, with the total inbound annual arrivals figure reaching close to 27mn by 2017. The forecast increases in inbound and outbound travel means BMI is forecasting a rise in receipts from tourist items and tourism-related travel expenditure.
Thailand offers visitors 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, the country is an enduringly popular choice for travellers from both the Asia Pacific region and beyond. While already a popular tourist destination, Thailand will get a further marketing boost from the arrival of the first Formula One race in Thailand 2014, which will not only see an increase in arrivals and awareness but will also instigate further investment in the development of Thailand's tourism infrastructure.
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