Market Trends of Hospitality Industry in Thailand
This section covers the major market trends shaping the Thailand Hospitality Market according to our research experts:
Rising International Visitors to Thailand are Driving the Market
Thailand is the ninth country in the world’s most visited countries list. The number of international visitors to the country is on the rise since the 2000s, and there were only two years (due to tsunami in 2004 and 2009 riots in Thailand and global recession) where there was a drop in total international arrivals. The number of visitors to Thailand almost doubled in 2019, when compared with the arrivals in 2011. China is the largest contributor to this number, followed by Malaysia and India.
Government’s Initiatives to Develop Other Regions as Tourist Hubs is Creating More Investment Opportunities
In Thailand, the majority of hotel developments were used to concentrated in Bangkok as it is the travel and tourism hub of the country. The government has focused on developing other regions in the country to attract more visitors and to generate more revenues from their visits, and eventually developed and upgraded better transportation and connectivity facilities to regions, like Pattaya, Chiang Mai, Phuket, Koh Samui (Surat Thani), and Karbi. This resulted in a rise in hotel developments in those regions and registered doubled growth in room supply during 2015, when compared to 2000, according to Bank of Ayudhya, UNWTO. Several Home-grown hotel chains, independent hotels, and international hotel brands and their chains are a part of this expansion.
