New Consumer Goods market report from Business Monitor International: "Thailand Tourism Report Q2 2013"
Boston, MA -- (SBWIRE) -- 04/30/2013 -- This quarter BMI has revised and restructured its tourism reports, incorporating a greater range of data and focusing on the hotel industry, the value of the tourism industry itself, and the impact of macroeconomic factors.
We believe there is strong potential for growth in the Thai tourism market, based on the growing domestic economic strength of the country as well as the improving international economic climate. A well developed programme of investment by the government, combined with increased travel from within the Asia Pacific region should see good returns over the forecast period.
Our forecasts are based on both analysis of economic conditions, in Thailand and globally, and an examination of developments in infrastructure, tourism expansion programmes and investments from major international hotel chains.
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Arrivals to Thailand have seen large increases in 2010 and 2011, and while the global downturn in 2012 saw a reduction in growth which will continue into 2013, we expect to see overall growth in arrivals throughout the forecast period. This reflects the strengthening domestic economy in Thailand's major arrivals markets such as China and Malaysia. In fact by 2017 we expect to see annual arrivals reaching over 25mn.
Outbound tourism will see similar increases, and we are also expecting to see growth in receipts from tourism items and tourism related travel, and the opening of several major new hotel developments. Figures will see a further boost with the arrival of the first Formula One race in Thailand to be held in 2014, which will not only see an increase in arrivals but will also instigate further investment in the development of Thailand's tourism infrastructure.
Thailand has seven international airports, including the new Suvarnabhumi Airport, and a wide network of smaller domestic airports providing connectivity around the country. There are also limited train networks. 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.
A broad variety of tourism attractions, including Bangkok's vibrant nightlife and modern shopping centres, the jungles of the north around Chiang Mai and the beaches of Phuket mean Thailand is sure to continue to entice travellers from around the world.
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 7% 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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