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Bangkok Post - TAT forecasts tourism revenue of B3tn in 2024
TAT forecasts tourism revenue of B3tn in 2024
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TAT forecasts tourism revenue of B3tn in 2024

The Tourism Authority of Thailand (TAT) remains confident the industry can garner revenue of 3 trillion baht next year, matching the level of 2019.

Tanes Petsuwan, deputy governor for Asia and the South Pacific at TAT, said the agency is working on new promotional plans for the next fiscal year and expects to finalise its proposal to the new government next month.

The key strategies are intended to promote high-value tourism, meaningful travel and sustainability.

Mr Tanes said the delay in forming a government will not affect its promotional plans for the fourth quarter, even though fiscal 2024 starts in October.

The TAT expected a delay in forming a new government and already started promotional work by using the budget for the current year, he said.

"The TAT is targeting 3 trillion baht in revenue from the tourism industry next year, with 2 trillion from the international market and 1 trillion from the domestic market," said Mr Tanes.

"We expect the number of flights to return to normal next year."

Although the Move Forward Party wants to introduce zero-based budgeting for the next fiscal year, he said the TAT is unfazed by this change.

During the pandemic, the agency learned how to work with a reduced budget of only 2.9 billion baht, down from 5.6-6 billion baht prior to the pandemic.

As foreign arrivals hit almost 11 million in the first five months of this year, Mr Tanes said Thailand is on track to reach at least 25 million in 2023, generating 2.38 trillion baht.

The short-haul market will be a key driver for Thailand, accounting for 70% of frequency and 62% of revenue contribution, he said.

Mr Tanes said the recovery rate of international flights was 70% and should increase during the cool season.

The leading short-haul markets, Malaysia and China, have provided more than a million tourists this year and have the potential to increase to 5-6 million for each country. Thailand tallied about 3 million travellers from Europe, the Middle East and Africa, or 50% of the goal of 6 million for this year.

Speaking at the Thailand Travel Mart Plus 2023, a business-to-business tourism trade show held until June 2 at the Queen Sirikit National Convention Center, Mr Tanes said the expo can pave the way for a full recovery next year as there are 374 buyers from 50 countries joining business-matching events. The event helps operators learn more about Thai tourism and plan their programmes accordingly.

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