More Thai companies are opting for domestic meetings instead of travelling abroad due to economic uncertainty this year, helping to propel domestic Mice (meetings, incentives, conventions and exhibitions) revenue to 86 billion baht from 26 million travellers this year, according to the Thailand Convention and Exhibition Bureau (TCEB).
Nichapa Yoswee, senior vice-president of TCEB, said it is easier to rev up the domestic Mice market than international visitors, as the global economy continues to face challenges.
During the first half of TCEB's fiscal 2025 year starting in October 2024, the number of domestic travellers tallied 12.6 million, generating revenue of more than 42 billion baht.
The bureau launched the "Yok Team Prachum, Rum Rak Mueang Thai Season 2" campaign to promote the domestic Mice sector during the low season, seeking to bolster the market as leisure trips decrease.
Companies that organise meetings or outings are eligible for the campaign, which offers prizes worth a total of 1 million baht, effective until Oct 31.
Mrs Nichapa said the 2024 edition helped generate 130 million baht from 14,971 Mice travellers.
TCEB expects to draw 20% more participants and increase the economic impact for this year's campaign, she said.
With airfares remaining elevated and the global trade war in full swing, more Thai companies are expected to choose domestic destinations for their team-building activities to save on costs, said Mrs Nichapa.
For fiscal 2025, TCEB wants to record more than 26 million domestic Mice travellers, generating 86 billion baht, just below the tallies of 29.6 million travellers and 107 billion baht in 2019.
Wuthichai Luangamornlert, chief executive of Siam Park Bangkok, the operator of Siam Amazing Park, said the park is strengthening its domestic customer base to offset the sluggish inbound market.
He said domestic tourists are familiar with Siam Park, and those from upcountry preferred to book their meetings and seminars at the facilities in its Bangkok World zone.
For the second and third quarters, the park registered stable meeting bookings from locals as its prices are 10-20% cheaper than hotels, while the facilities are suitable for both indoor and outdoor activities, said Mr Wuthichai.
Bangkok World contributed roughly 5% of the park's total revenue and still has room to grow, with more tenants filling up the occupancy rate than last year, he said.
Siam Amazing Park is investing more than 300 million baht to renovate its amusement park and water park area over three years.
After completion, the park should be able to accommodate 30% more visitors, reaching 1 million a year in 2028, said Mr Wuthichai.