After speaking to hotel executives about Phuket, it is evident that for the moment the nation’s capital remains an isolated epicentre of both metrics and opinion.
On the heels of Saturday’s tragic events in Bangkok, Thailand’s tourism industry has become the global poster child for what the media is calling an explosion that is expected to hit hotels throughout the country.
Kevin Wallace, president of leading Thai hotel chain Centara, says:
“Bookings outside Bangkok are holding up very well and we are at 100 per cent in Phuket, Krabi, Pattaya and Hua Hin, and are in fact overbooked in Samui, with no cancellations yet in these destinations.”
In Patong, Wolfgang Meusberger, general manger of the Holiday Inn, was taking a longer-term view immediately after the violence, commenting, “So far, cancellations are slightly up versus the usual patterns, about 20 per cent for the upcoming week. We expect more cancellations to come in as today is the first working day after the weekend.”
He continued: “For next week bookings might go up as customers are leaving Bangkok for the Songkran holiday. But the new booking pace has definitely eased and shows a reduced trend for April, May and June.
“Many customer inquiries are being made about safety in Phuket. There have been cancellations from groups who planned to have a joint Bangkok and Phuket schedule.”
He concludes that, “the longer the [protest] situation goes on, the more cancellations will come”.
According to historical market demand, the period of mid-April to the end of June constitutes the deepest downward spike for occupancy in Phuket. May is widely considered the worst trading month of the year, so perhaps it is fitting that the run-up to May this year comes on the heels of events which will create considerable volatility.
Public investment will expand only slightly next year as the Thai Kem Kaeng Program will just about compensate for the reduction in the government’s on-budget investment in 2010.
The medium-term outlook is sobering, with growth expected at 3.5 percent in 2010 and likely remaining below potential for the next three years. Because the Thai economy is largely dependent on final demand in advanced economies, a return to pre-crisis rates of economic growth (a full recovery vs. a rebound to pre-crisis levels) will require a combination of (a recovery of demand from advanced economies and a rebalancing of the sources of growth to reduce Thailand’s dependence on demand from advanced economies. Neither process is likely to be swift. Recovery from a financial crisis is a lengthy process that involves the rebuilding of balance sheets, and the IMF estimates that half of the losses in the financial system in advanced economies are yet to be recognized.
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which will come from 3 million international visitors and the remaining 550 billion from the domestic market.
BANGKOK (NNT) – Following the launch of the Phuket Sandbox tourism scheme on July 1st this year, many foreign tourists moved by the warm hospitality of the people of Phuket, are looking forward to visiting other provinces, such as Chiang Mai and Bangkok.(more…)
‘SHA Plus’ certificate awarded to more tourism businesses in Phuket
The Amazing Thailand SHA certification is an important safety net in Thailand during the ongoing COVID-19 pandemic, providing peace-of-mind to everyone as it covers mixed used establishments that cater to all walks of life.
The Tourism Authority of Thailand (TAT) today presented the Amazing Thailand Safety and Health Administration (SHA) Plus Certificate to more tourism businesses in Phuket, following the first ‘SHA Plus’ certificate presentation held in Phuket on 12 June, 2021.(more…)
Thailand Raises Public Debt Ceiling from 60% to 70% of GDP
Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60%...
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...
Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific
Out-migration hotspots in agricultural areas of central Thailand and Myanmar coincide with areas expected to see declines in both water...