Up to THB1 Trillion Is at Stake in Return of Chinese Tourists

Foreign tourists coming to Thailand are projected to increase to 30 million by end-2023 on the heels of the expected influx of mainland Chinese visitors, according to latest estimates from Siam Commercial Bank (SCB), which revised its forecast from 28.3 million. 

The bank also raised its foreign tourists’ revenue forecast to THB1.2 trillion, a far cry from THB7 billion. With the tourism sector being heavily hit by the withdrawal of foreign visitors, the money is a much-needed injection of funds in the tourism and employment sectors. And with the return of private consumption, private investment will follow. 

In the report, published in their Economic Intelligence Center (EIC) division, even as the costs of tourism for visitors remain high, there is expectation that tourism numbers should “recover to pre-COVID-19 levels.” Bangkok, Phuket, Pattaya, and Chiang Mai were touted to be popular among Chinese tourists, which means that local businesses will benefit with the increased purchasing power brought by the visitors. 

Businesses are advised to prepare for the deluge of tourists to maximise their profit potential. These are the measures mentioned in the report, as quoted: 

1. Prepare to expand service capacity to alleviate bottlenecks 
2. Enhance goods and services to please foreign tourists 
3. Design a comprehensive travel service package at a reasonable price 
4. Promotion through social media and celebrity influencers, as well as creating omni-channel online sales channels