Falling Russian currency will hurt Thai tourism industry

[Lite Beer]

Falling Russian currency will hurt Thai tourism industry

BANGKOK: -- The depreciation of the Russian ruble will eventually affect Thai tourism industry, industry analysts cautions.

They recommended that the Tourism and Sports Department prepare for the consequence and come up with some precautionary measures to cope with the impact.

According to industry analysts of the Thai Military Bank, the falling value of the Russian ruble would have little impact on the country’s trade as Thai exports to Russia last year represented only 0.5 percent of total export value.

Instead Thai imports from Russia accounted for 1.4 percent of total import value.

However, they cautioned the tourism sector as Russian tourists sector since Russian tourists played an important role in the Thai economy.

They said the number of Russian tourists coming to Thailand rose from 90,000 in 2003 to 1.75 million in 2013. Last year, the revenue gained from Russian tourists alone made up as much as 10.1 percent of all revenue generated from tourism.

According to the analysts, the Russian currency has already fallen from 30 rubles per dollar early this year to 62 rubles per dollar at present. They cautioned that should the value of the ruble nosedive by more than 300 percent as in 1998 during which time Russia faced a severe economic crisis, the number of Russian holiday makers may shrink by 30 percent compared to the number this year.

The tourism sector may as a result lose 50 billion baht in revenue next year or about 0.5 percent of the country’s GDP.

They suggested that related agencies prepare measures to deal with the impact of the economic problem in Russia in case the situation worsened.

Other industry analyst said with the ruble crashing to record lows against the U.S. dollar and other currencies, Russians are cutting back on spending, including overseas travel.

The cutback is surely affecting beach resort city of Pattaya, on the east coast of the Gulf of Thailand.

Thai Hotel Association stated that the loss of the Russians, who are known as big spenders, has resulted in a 70 percent drop in hotel reservations from Russia during the upcoming high season, which runs from December 28 through January 15.

The Russians are second to none for the beach resort known for its licentious nightlife, particularly Pattaya where Russians are said to be number one.

Source: http://englishnews.thaipbs.or.th/falling-russian-currency-will-hurt-thai-tourism-industry

-- Thai PBS 2014-12-20

[Pib]

Thai Hotel Association stated that the loss of the Russians, who are known as big spenders, has resulted in a 70 percent drop in hotel reservations from Russia during the upcoming high season, which runs from December 28 through January 15.

Yeap, a 70% drop is definitely an impact...a very healthy impact. But I expect TAT is already hard at work writing a press release that the impact is minimal and will probably be offset by tourist from other countries or domestic tourism.

Edited December 20, 2014 by Pib

[ColdSingha]

looks like we'll be needing triple pricing..

thai, russian and hell, double it again for the rest of us

[phantomfiddler]

I do believe that this is more about the lesser money than the fewer tourists tourists Oh cynical me

[empireboy]

I imagine the cost to Thailand tourism could be seen by some as worth it!

[IAMHERE]

Russians that bought condo in Thailand still have their value. Wouldn't want to be changing rubles today.

[robert888d]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

[GAZZPA]

Russians that bought condo in Thailand still have their value. Wouldn't want to be changing rubles today.

I wondered about that,, there are for sure a lot of Russians who bought condos and properties..

If the ruble keeps falling those properties are going to become very valuable if they were to sell and ship the currency back to Russia.. Surely someone must be thinking about that?

If it falls enough we could see a mass selling of properties soon,,

[wabothai]

The Chinese visit Russia now in massive numbers to go shopping.

cheap, cheap ! Lesson for TAT.

[Yann55]

I keep reading about this supposed Russian desertion, but it puzzles me.

I just came back from 6 weeks in Europe and am now back home in Jomtien.

When I left the high season was just beginning and now it's definitely in full fling. The roads are packed, Thepprasit week-end market is un-approachable, the restaurants and bars seem to be doing fine, and the Russians are everywhere ! I hate to think what it would be like if the ruble had not taken a plunge ? Perhaps this area would now be called 'Little Russia' ?

Now, to be entirely fair, some of them are almost friendly, some of them now say hello in the elevator, so perhaps things are sloooowly going in the right direction, but the vast majority are still unpleasant, arrogant, rambunctious and apparently drunk 24/7. I wonder how many more points down the ruble needs to go before it rids us of this unsavoury lot of 'comrades'.

Sorry, just stating the unpleasant truth here.

Edited December 20, 2014 by Yann55

[Mudcrab]

I keep reading about this supposed Russian desertion, but it puzzles me.

I just came back from 6 weeks in Europe and am now back home in Jomtien.

When I left the high season was just beginning and now it's definitely in full fling. The roads are packed, Thepprasit week-end market is un-approachable, the restaurants and bars seem to be doing fine, and the Russians are everywhere ! I hate to think what it would be like if the ruble had not taken a plunge ? Perhaps this area would now be called 'Little Russia' ?

Now, to be entirely fair, some of them are almost friendly, some of them now say hello in the elevator, so perhaps things are sloooowly going in the right direction, but the vast majority are still unpleasant, arrogant, rambunctious and apparently drunk 24/7. I wonder how many more points down the ruble needs to go before it rids us of this unsavoury lot of 'comrades'.

Sorry, just stating the unpleasant truth here.

Interesting comment.

Seems you want less Russians for your own reasons.

What is good for you?

More British?

More Norwegians?

Less Thais?

Please review and comment.

[mickyboy]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

i must agree with you from my eaperience was i white sands koh chang was group russians spending there money and being treated like prima donas in the bar when in come the germans happy and fun been coming couple nights words where exchanged little bit trouble the germens and most other left as the russians got more loud and rude and aggresive soon only them and a couple people left as they took centre stage i thought best gone as well the vodka and shorts taking there toll on the russians anyway next night went back and heyhoo been a bit trouble the russian had gone but so had everyone else to another bar done the beach why they think they are so important i dont know and so rude we did not go back to that bar till i left but passed it on my way back to my bungalow and seem empty most night trouble times and the word spreads

[Pib]

• Period (punctuation), a punctuation mark indicating the end of a sentence or phrase, specifically, a dot.

[Benmart]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

Those that I have talked to at length, are intelligent, courteous and rational.

I've not met them all and therefore can only comment on those that I have actually spoken to or interacted with. As for their "Godless, rude and mean" manner, these traits describe many non-Russians that I know that live here in Pattaya.

"Live and Let Live".

[quidnunc]

The Chinese visit Russia now in massive numbers to go shopping.

cheap, cheap ! Lesson for TAT.

You mean that tanking the economy would actually be good for the economy?

[quidnunc]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

How exactly did you determine that they were godless? Did you sprinkle holy water on them and watch it sizzle? Or was it that you couldn't see god anywhere in their vicinity? As far as I can tell, they worship the same god as most of us do: Mammon.

[Asiantravel]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

i must agree with you from my eaperience was i white sands koh chang was group russians spending there money and being treated like prima donas in the bar when in come the germans happy and fun been coming couple nights words where exchanged little bit trouble the germens and most other left as the russians got more loud and rude and aggresive soon only them and a couple people left as they took centre stage i thought best gone as well the vodka and shorts taking there toll on the russians anyway next night went back and heyhoo been a bit trouble the russian had gone but so had everyone else to another bar done the beach why they think they are so important i dont know and so rude we did not go back to that bar till i left but passed it on my way back to my bungalow and seem empty most night trouble times and the word spreads

is there an English version of your post available please?

Edited December 20, 2014 by Asiantravel

[JungleBoy2]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

i must agree with you from my eaperience was i white sands koh chang was group russians spending there money and being treated like prima donas in the bar when in come the germans happy and fun been coming couple nights words where exchanged little bit trouble the germens and most other left as the russians got more loud and rude and aggresive soon only them and a couple people left as they took centre stage i thought best gone as well the vodka and shorts taking there toll on the russians anyway next night went back and heyhoo been a bit trouble the russian had gone but so had everyone else to another bar done the beach why they think they are so important i dont know and so rude we did not go back to that bar till i left but passed it on my way back to my bungalow and seem empty most night trouble times and the word spreads

Micky, with the bad English-- Sorry, you have not learned to get along with fellow Humans.

[JungleBoy2]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

i must agree with you from my eaperience was i white sands koh chang was group russians spending there money and being treated like prima donas in the bar when in come the germans happy and fun been coming couple nights words where exchanged little bit trouble the germens and most other left as the russians got more loud and rude and aggresive soon only them and a couple people left as they took centre stage i thought best gone as well the vodka and shorts taking there toll on the russians anyway next night went back and heyhoo been a bit trouble the russian had gone but so had everyone else to another bar done the beach why they think they are so important i dont know and so rude we did not go back to that bar till i left but passed it on my way back to my bungalow and seem empty most night trouble times and the word spreads

Micky, with the bad English-- Sorry, you have not learned to get along with fellow Humans.

And Robert888d-- You're prejudices are very obvious! And objectionable. Chill out!

[Torrens54]

The FALLING AUSTRALIAN Currency will also cause many Aussies to stay at home instead of holidaying in Thailand. About time the BAHT was brought back to reality, been over inflated for far too long.

[Wat dee]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

i must agree with you from my eaperience was i white sands koh chang was group russians spending there money and being treated like prima donas in the bar when in come the germans happy and fun been coming couple nights words where exchanged little bit trouble the germens and most other left as the russians got more loud and rude and aggresive soon only them and a couple people left as they took centre stage i thought best gone as well the vodka and shorts taking there toll on the russians anyway next night went back and heyhoo been a bit trouble the russian had gone but so had everyone else to another bar done the beach why they think they are so important i dont know and so rude we did not go back to that bar till i left but passed it on my way back to my bungalow and seem empty most night trouble times and the word spreads

Micky, with the bad English-- Sorry, you have not learned to get along with fellow Humans.

And Robert888d-- You're prejudices are very obvious! And objectionable. Chill out!

Jungleboy obviously haven't been involved with russians that much. I've actually lived among them and the experience wasn't nice. They aren't evil people,, but their recent history has twisted their character. It will take few fresh generations before they can be called europeans.

[Time Traveller]

that's a pity/

[cookee68]

I keep reading about this supposed Russian desertion, but it puzzles me.

I just came back from 6 weeks in Europe and am now back home in Jomtien.

When I left the high season was just beginning and now it's definitely in full fling. The roads are packed, Thepprasit week-end market is un-approachable, the restaurants and bars seem to be doing fine, and the Russians are everywhere ! I hate to think what it would be like if the ruble had not taken a plunge ? Perhaps this area would now be called 'Little Russia' ?

Now, to be entirely fair, some of them are almost friendly, some of them now say hello in the elevator, so perhaps things are sloooowly going in the right direction, but the vast majority are still unpleasant, arrogant, rambunctious and apparently drunk 24/7. I wonder how many more points down the ruble needs to go before it rids us of this unsavoury lot of 'comrades'.

Sorry, just stating the unpleasant truth here.

And I second that

[VegasVic]

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The FALLING AUSTRALIAN Currency will also cause many Aussies to stay at home instead of holidaying in Thailand. About time the BAHT was brought back to reality, been over inflated for far too long.

The problem with that is it isn't up to Thailand, it is up to the worlds currency traders and Thailands currency has been strong these past few years because there is a lot of very cheap money around the world and when that money flows into a small market like Thailands SET then those foreign buyers must purchase Baht to enter the market thereby pushing the price of Baht up, of course as in everything else in this universe there are cycles and it could very well be that Asia has seen the peak of this most recent foreign investment cycle for a while and if those funds rotate out of Thailand then they will sell the Baht they receive for their securities and repurchase another monetary unit and repatriate their finds on to their next investment, QED

[VegasVic]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I keep reading about this supposed Russian desertion, but it puzzles me.

I just came back from 6 weeks in Europe and am now back home in Jomtien.

When I left the high season was just beginning and now it's definitely in full fling. The roads are packed, Thepprasit week-end market is un-approachable, the restaurants and bars seem to be doing fine, and the Russians are everywhere ! I hate to think what it would be like if the ruble had not taken a plunge ? Perhaps this area would now be called 'Little Russia' ?

Now, to be entirely fair, some of them are almost friendly, some of them now say hello in the elevator, so perhaps things are sloooowly going in the right direction, but the vast majority are still unpleasant, arrogant, rambunctious and apparently drunk 24/7. I wonder how many more points down the ruble needs to go before it rids us of this unsavoury lot of 'comrades'.

Sorry, just stating the unpleasant truth here.

It could be for the same reason why there is a mini boom in the Russian retail sector right now, as many (rich and poor) Russians are not putting of buying big ticket items any longer in fact the are flocking to the stores to stock up on whatever they can, it would seem that they feel that the Ruble has much further to fall and they want to spend those Rubles while they can get some bang for their Buck (eh Ruble)

[Yann55]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I keep reading about this supposed Russian desertion, but it puzzles me.

I just came back from 6 weeks in Europe and am now back home in Jomtien.

When I left the high season was just beginning and now it's definitely in full fling. The roads are packed, Thepprasit week-end market is un-approachable, the restaurants and bars seem to be doing fine, and the Russians are everywhere ! I hate to think what it would be like if the ruble had not taken a plunge ? Perhaps this area would now be called 'Little Russia' ?

Now, to be entirely fair, some of them are almost friendly, some of them now say hello in the elevator, so perhaps things are sloooowly going in the right direction, but the vast majority are still unpleasant, arrogant, rambunctious and apparently drunk 24/7. I wonder how many more points down the ruble needs to go before it rids us of this unsavoury lot of 'comrades'.

Sorry, just stating the unpleasant truth here.

It could be for the same reason why there is a mini boom in the Russian retail sector right now, as many (rich and poor) Russians are not putting of buying big ticket items any longer in fact the are flocking to the stores to stock up on whatever they can, it would seem that they feel that the Ruble has much further to fall and they want to spend those Rubles while they can get some bang for their Buck (eh Ruble)

I bet you're right. I heard about that consumption boom in Russia and that would explain the high numbers of Russians around here.

Incidentally it's a very interesting reaction on their part and so un-western. Last time there was a big financial crisis in Asia, the reason they got over it so quickly was that they just went right on buying like crazy, lol. In the West, if the stock market so much as passes wind, people seems to immediately switch to no-spend mode, which of course only makes things worse.

This major difference in behaviour underlines a much deeper cultural difference and also the fact that the West has been 'developed' for a much longer time and is now reaching a point where buying more goods is not seen as the ultimate solution by most people.

We're definitely striving to find new ideals, new references, new dreams... for the moment it's not a big success, obviously, but let's not lose faith, something's bound to emerge from this stage of metamorphosis.

[Yann55]

I keep reading about this supposed Russian desertion, but it puzzles me.

I just came back from 6 weeks in Europe and am now back home in Jomtien.

When I left the high season was just beginning and now it's definitely in full fling. The roads are packed, Thepprasit week-end market is un-approachable, the restaurants and bars seem to be doing fine, and the Russians are everywhere ! I hate to think what it would be like if the ruble had not taken a plunge ? Perhaps this area would now be called 'Little Russia' ?

Now, to be entirely fair, some of them are almost friendly, some of them now say hello in the elevator, so perhaps things are sloooowly going in the right direction, but the vast majority are still unpleasant, arrogant, rambunctious and apparently drunk 24/7. I wonder how many more points down the ruble needs to go before it rids us of this unsavoury lot of 'comrades'.

Sorry, just stating the unpleasant truth here.

Interesting comment.

Seems you want less Russians for your own reasons.

What is good for you?

More British?

More Norwegians?

Less Thais?

Please review and comment.

[makkam]

It's a shame the british currency wasn't similarly effecting some of the disgruntled mean spirited sh$tbags that get on here

[The manic]

Personally the fewer the number of Russian here, the happier I will be. I find the vast majority of them to be Godless, rude, mean and I know many other nationalities are avoiding coming here simply because of the vast numbers of Russians. The Thais would do well not to put all their eggs in one basket so to speak and try to attract a variety of nationalities.The Russians put all their eggs in the petro basket and so when the price of petrol falls so does the Rouble.

Yes the less Russkies the better. Their high handed rudeness to the Thais as though they were in occupied Poland or another vassal state was awful. I got sick of all the signs turning from english to russian ans got sick of being handed russian menus in restaurants.

[perdido]

I do believe that this is more about the lesser money than the fewer tourists tourists Oh cynical me

...don't understand this post. self-praise re. 'cynicism', is no honour.....