LONDON, April 21, 2016 /PRNewswire/ --
Summary
Thailand's tourism sector registered strong growth in 2015, driven by Tourism Authority of Thailand's promotional efforts. Furthermore, large increase in arrivals from the China led the growth in inbound tourism. China remained the largest source market for Thailand in 2015. The growth in outbound tourism was supported by low unemployment rates and improved economic growth. Inbound tourist volume is projected to grow at a CAGR of 9.7% over the period 2016-2020.
Key Findings
- After registering a steep decline in international arrivals in 2014 following the political unrest in the country, Thailand's inbound tourism posted strong growth in 2015 as there was stability in the political domain. Inbound trips grew by 20% in 2015 while in terms of expenditure, it increased by 30%. A large share of this growth was contributed by China (71% growth in 2015), the largest source market for Thailand. Domestic tourism and outbound tourism also recorded an impressive growth in 2015, driven by low unemployment rates. Domestic trips were up by 6% in 2015 while outbound trips rose by 7%. Domestic trips are expected to grow at a CAGR of 7.5% over the forecast period (2016-2020), supported by tourism authority's promotion. Foreign arrivals are expected to increase from 29.9 million in 2015 to 47.5 million in 2020. The formation of ASEAN Economic Community - AEC on October 19, 2015 is expected to boost Intra-regional travel. Furthermore, increasing competition among tour operators, decreasing oil prices and low-cost carriers reducing fares will boost outbound travel.
- The stronger US dollar encouraged Americans to travel to Thailand with 15% growth in arrivals in 2015, while trips from Russia fell due to weaker Rouble and contracting economy (GDP fell by -3.8% in 2015).
- Based on the third quarter results of 2015, Bangkok Airways is the most profitable one in Thailand. The airline also recorded the highest profit among Thai carriers in 2013 and 2014. Other publicly traded airlines Thai Airways, Nok Air, Thai AirAsia X and NokScoot registered losses. The rising competition among LCCs is resulting in overcapacity and affecting yields. However, Bangkok Airways managed to post good results as it focuses largely on traffic coming from outside Southeast Asia and has a large operation at Samui (resort island), one of the fastest-growing and largest leisure markets in the country. Bangkok Airways owns and operates an airport at Samui that is not served by any other low-cost carriers. This provides a competitive advantage for Bangkok Airways.
Synopsis
Canadean's report - Travel and Tourism in Thailand to 2020 - provides detailed information on the country's tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, expenditure, and the airline, hotel, car rental, and travel intermediaries industries.
What else does this report offer?
- Historic and forecast tourist volumes covering the entire Thailand's Travel and Tourism sector
- Detailed analysis of tourist spending patterns for various categories, such as accommodation, sightseeing entertainment, foodservice, transportation, retail, travel intermediaries, and others
- Analysis of trips by purpose and mode of transport, and expenditure across various categories including domestic, inbound, and outbound tourism, with analysis using similar metrics
- Analysis of the airline, hotel, car rental, and travel intermediaries industries by customer type - leisure and business travelers
Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to Thailand's Travel and Tourism sector
- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities
- Direct the promotional efforts on most promising markets by identifying the key source and destination countries
Download the full report: https://www.reportbuyer.com/product/3773630/
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