‘Experience economy’ drives Thailand’s tourism growth

[webfact]

 

Star-studded concerts increase demand for accommodation and flights into Bangkok

The return of popular international artists and live concerts to Bangkok offers multiple benefits to the Thai economy. There is a growing trend to travel internationally for music, sports and other major events. With the global music tourism market forecasted to reach U$11.3 billion by 2032, Thailand has become well-positioned to take advantage of this development.

 

In Asia Pacific alone, with its fast-growing youth population, the higher demand for live music performances is anticipated to lead the global music event market.  That’s one way a steady stream of International concerts can play a significant role in Thai tourism growth with their massive crowd-pulling abilities. Taylor Swift’s Eras tour is a good example of how concerts encourage consumption in host cities, with its US leg expected to generate up to US$ 5 billion in economic activity, according to online research firm QuestionPro. This study goes beyond event ticket sales to include not just merchandise, and food and beverage but also the costs of flights, accommodation and retail sales in host cities.

 

With the return of live concerts approaching pre-pandemic levels, which kicked off early this year with Blackpink’s two-day Bangkok stop in January, Harry Styles and Arctic Monkeys’ concerts in March, Thailand is well on its way to benefit from the ‘experience economy’.  According to Traveloka’s data, there has been a significant increase specifically for inbound flights, with the number of flight transactions increasing by almost 5 times for the first half 2023, compared to the same period last year. This surge in flights is also reflected in the accommodation trend, as hotel bookings in Bangkok have risen to almost 30%. 

 

In the first half of 2023, Traveloka Thailand experienced a significant number of bookings, with the majority coming from both inbound and domestic travellers heading to Bangkok. Among inbound tourists, China, Taiwan, Indonesia, Vietnam, England, Singapore, Malaysia, and Cambodia were the top contributors to the bookings. At the same time, domestic tourists also displayed their enthusiasm as Traveloka observed an increase in bookings from Chiang Mai, Hat Yai, Chian Rai, Phuket, Chonburi, Songkla, and Suratthani to Bangkok.

 

By Kristin Mariano
TD Editor

 

Full story: https://www.traveldailymedia.com/experience-economy-drives-thailands-tourism-growth/

 

-- TD Travel Daily 2023-08-30

 

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[impulse]

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