Thai tourism stays firm amid debt rise, 200 million domestic trips targeted

[webfact]

 

Despite a backdrop of tepid consumption, the Tourism Authority of Thailand (TAT) remains steadfast in its pursuit of 200 million domestic tourism trips within the current year.

 

Data from a survey conducted by the University of the Thai Chamber of Commerce paints a rather gloomy picture of increased household debt levels, up by 11.5% this year from last year. It is the highest rise in just over a decade and a half. Retail sentiment also looks set to remain bearish, according to the Thai Retailers Association, indicating potentially weaker purchasing power.

 

Despite this economic landscape, Thapanee Kiatphaibool, deputy governor for domestic tourism marketing at TAT, holds that Thais have set aside a portion of their budget for trips later in the year. While these domestic tourists may not necessarily splurge during these journeys, there’s a noticeable inclination towards frequent travel, with one day road trips being especially popular.

 

In the first seven months of this year, Thai tourists embarked on 135 million trips. A breakdown reveals that the majority contained overnight stays, at 76.5 million, while the remaining 58.6 million were designated as one-day trips. Between them, they generated a staggering 478 billion baht for the economy, boosting domestic tourism.

 

by Alex Morgan

Photo courtesy of VNA

 

Full story: https://thethaiger.com/hot-news/economy/thai-tourism-stays-firm-amid-debt-rise-200m-domestic-trips-targeted

 

-- © Copyright Thaiger 2023-08-04

 

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[bignok]

Stays firm? Interesting headline

[hotchilli]

6 hours ago, webfact said:

Despite a backdrop of tepid consumption, the Tourism Authority of Thailand (TAT) remains steadfast in its pursuit of 200 million domestic tourism trips within the current year.

And I'll be a billionaire by Christmas.

[billd766]

quote from the OP

 

"Says Thapanee Kiatphaibool, deputy governor for domestic tourism marketing at TAT, holds that Thais have set aside a portion of their budget for trips later in the year".

 

He would have to say that, wouldn't he?

 

As stated by Mandy Rice-Davies.

[bkk6060]

6 hours ago, webfact said:

holds that Thais have set aside a portion of their budget for trips later in the year

You mean they applied for a new credit card?

An 11.5% household debt increase is huge.  I don't know of any Thai who is getting any real pay raises.

[Cake Monster]

59 minutes ago, bkk6060 said:

You mean they applied for a new credit card?

An 11.5% household debt increase is huge.  I don't know of any Thai who is getting any real pay raises.

And dont forget that the 90.6 % of GDP ratio of Household Debt being bandied around at the moment was for March figures

Some 4 Months ago

Septembers number anybody ?

I guess at about 93 % of GDP

Many of the Thais staying in my Wifes Apartments are on no Overtime, some have had to find new Jobs as they were laid off, and there is a distinct feeling of gloom in the air at the moment among the workers

Me thinks Exports are plummeting and that will reduce GDP significantly