The Thai restaurant industry will enjoy a surge in sales during this New Year festive season, thanks to increased dining out during the holidays and a rise in foreign visitors, says Central Restaurants Group (CRG).
From Jan 1 to Dec 15, Thailand welcomed around 33.5 million foreign visitors, led by the Chinese (6.4 million), followed by Malaysians (4.6 million) and Indians (2 million), according to the Economics Tourism and Sports Division at the Ministry of Tourism and Sports.
The influx of both local and foreign tourists will boost restaurant sales in popular tourist destinations and shopping malls, said Nath Vongphanich, president of CRG.
He said the Thai economy is on a recovery path, aided by ongoing government stimulus schemes.
Mr Nath said festive promotional campaigns launched by restaurant operators will further boost the sector's growth.
The company also expects food delivery services to likely see increased demand, as some individuals may choose to celebrate the festive season at home.
"We anticipate a 10-15% increase in overall sales within the Thai restaurant business during this year-end period compared to a regular period," Mr Nath said.
With CRG's presence in urban areas and second-tier cities, Mr Nath said the company can cater to a broader customer base during the high season for travel.
CRG expects sales to rise in the Bangkok Metropolitan area and tourist destinations such as Chiang Mai, Phuket and Pattaya, thanks to an influx of both local and foreign visitors.
Besides local tourists, the company expects to see an increase in Chinese customers along with growing numbers of Koreans and people hailing from the Middle East in popular tourist destinations.
The company expects its sales to grow by 10-15%, in line with the overall market, Mr Nath said.