King Power, the country's biggest duty-free operator, is confident that full-year revenue will rise by 15% to 85 billion baht, thanks to the thriving tourism industry.
Revenue growth will be driven by a sharp increase in foreign tourist arrivals and the rapid expansion of low-cost airlines that provide travel convenience to both Thais and foreigners.
Vithaya Sintharapantorn, executive vice-president for marketing, said the 2016 revenue target will be achieved on the back of strong tourism.
Thai and foreign tourists will travel and spend more during the fourth quarter, the high season for tourism. King Power will tap middle-income tourists to become members and enjoy the resulting privileges.
Most of King Power's existing members are high-income travellers.
But the expansion of budget airlines has created opportunities for more middle-class people to travel locally and abroad.
"King Power benefits a lot from lower airfares," said Mr Vithaya. "This has prompted us to expand our client base to the middle-income tourist segment."
If its tourism business continues to grow strongly next year, King Power's will set a revenue target of 100 billion baht for 2017.
Mr Vithaya expects its Delights & Surprises 2016 campaign to drive more than 1.8 billion baht in sales, helping the company reach its 85 billion revenue goal.
He said King Power has set aside 8.5 billion baht for marketing and promotions via every media channel, both domestically and internationally.
Next year, it also plans to invest more in its duty free operations. The company aims to renovate its downtown duty free shop in the Rang Nam area and expand its duty free shop in Samut Prakan.
King Power's Pullman Hotel, currently under renovation, is expected to open next month.
Meanwhile, Mr Vithaya brushed aside concerns about the possible arrival of a new duty-free operator in Thailand. Lotte Duty Free of South Korea has expressed interest in setting up shop in Thailand if it can get government approval.
King Power has enjoyed a monopoly in the Thai duty-free sector for decades. The entry of a new player would drive industry growth and create market competition.
"Having more players in the country will help us stay focused on our business, which should be developed continually," he said.
King Power has about 700,000 members and expects to gain 300,000 more by year-end. The company operates six duty-free shops in Bangkok, Pattaya, Phuket and Hat Yai.
Mr Vithaya said Chinese tourists account for 50% of its clients, followed by Thais, Japanese and Koreans.