Connect with us

Lifestyle

Political impasse dampens Songkran spending

International tourist arrivals in Thailand declined by 9.39% in March year-on-year to 2.1 million due mainly to the political unrest, says the Tourism Authority of Thailand.

Avatar

Published

on

An estimated Bt116 billion in currency is expected to circulate in Thailand during the annual Songkran festival, according to the University of Thai Chamber of Commerce.

Thanawat Polvichai, director of the university’s Economic and Business Research Centre, said revenue during Songkran will increase 2.36 per cent from the same period last year – the lowest growth in the last four years, mainly due to the inactive economy and the political impasse.

He said the public’s anxiety over the political uncertainty and economic situation has impacted their overseas vacations which dropped 18.9 per cent in Songkran last year to only 5.9 per cent this year.

People are more cautious in their spending while sales growth will be minimal, he said, adding that violence during the festival, if it occurs, will push down consumer spending.

Songkran 2013 in Ayyuthaya. Photo by VJJ Harrison (jjharrison89@facebook.com)

Songkran 2013 in Ayutthaya. Photo by JJ Harrison ([email protected])

Mr Thanawat said the survey found that consumer borrowing during Songkran will increase 20.1 per cent – a sign of an inactive economy in which people’s earnings are less than spending.

Favourite attractions for Songkran revellers are the sea and beaches at 36.3 per cent, mountains at 21.6 per cent and waterfalls at 20.5 per cent.

International arrivals down 9%

International tourist arrivals declined by 9.39% in March year-on-year to 2.1 million due mainly to the political unrest, says the Tourism Authority of Thailand.

But It projected overall international tourist arrivals to reach 28 million with two trillion baht revenues expected this year.

TAT named  six markets with the biggest declines were Africa (-17.8%), South Asia (-17.7%), the Middle East (-14.8%), East Asia (-14.67%) Oceania (-10.7%) and the Americas (-5.06%).

However TAT said Europe saw a 2.25% increase to 680,728 visitors on the back of an improving economy.

Russian and Finnish markets are two main growth drivers  rising by 9.86% to 211,677 visitors, and by 48.3% to 25,897 respectively.

Among key markets, tourist arrivals from Japan dropped by 26.1% to 101,046 visitors, while Malaysia was down 20.3% to 184,233, Britain 13.1%, to 79,608, China 11.1% to 331,638 and Germany 11% to 79,966.

TAT said In the first quarter, international tourist arrivals fell 5.85% year-on-year to 6.6 million, while tourism revenue declined by 4.02% to 311 billion baht

The Tourism Authority of Thailand projects foreign tourist arrivals this year will reach 28 million, while tourism revenue will be 2 trillion baht

Comments

Lifestyle

Gambling in Asia: Thailand and more

There is a large demand for gambling throughout Asia, which is detailed below in a comparison between various countries, such as Thailand and more.

Pr News

Published

on

By

One of the fastest growing industries in the world is the gambling industry. It is currently worth around $443.2 billion, and is expected to continue climbing to an estimated $647 billion by 2027.

Loading...
(more…)

Continue Reading

Health

Skin-lightening products market to reach US$31 billion by 2024

In emerging Asian and African economies, the natural aspiration to enhance one’s circumstances has led to rapid growth in the market for skin-lightening products, which is projected to reach US$31 billion by 2024.

Avatar

Published

on

Recent years have seen evolving awareness of systemic inequities including racism, sexism and pro-Western chauvinism.

Loading...
(more…)

Continue Reading

Lifestyle

How much do you need to retire in Thailand?

The lowest in Southeast Asia is Indonesia at USD290,599, followed by Malaysia at USD321,614. Vietnam is competitive at USD353,906. Cambodia and Thailand are a close tie at around USD389,000.

Avatar

Published

on

SINGAPORE, 1 March 2021: Singapore and Hong Kong are among the ranks of the most expensive places to retire, with Pakistan, India and Kyrgyzstan at the cheapest end of the scale, according to a study by NetCredit.

Loading...
(more…)

Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,634 other subscribers

Trending