Thailand’s Underway Tourism Boom To Shore Up Luxury Hospitality Industry
Thailand currently sits on a goldmine, thanks to its tourism industry that steadily generates tens of billions in U.S. dollars every year. In 2017 alone, the Southeast Asian country had amassed $63 billion in tourism revenues that it was crowned industry leader in the region. And as a result, the Thai tourism sector is inching ever closer to world-class sophistication.
The overall tourism scene evokes a swirling air of extravagance. Per Bloomberg, consumers in Thailand, which include local and international visitors, have “become more sophisticated.” Such an observation appears to be more apparent on the nation’s capital – Bangkok. The city, where tourists normally first converge prior their dispersal to other destinations around the country, has gotten the “upscaling treatment.”
Bangkok, after all, has been acknowledged as the world’s best city as far as tourists are concerned. Since 2015, the Thai capital has outperformed rivals from around the world that it basically functioned as a wide-open basket catching tourism-generated cash.
Bloomberg said Thailand is Number 4 on the list of the world’s most profitable holiday destinations, bested only the United States, Spain and France. In Asia, Thailand is in many cases the automatic choice for tourists from the world over, and they valid reasons for loving the kingdom.
Why Tourists Find Thailand Irresistible
Tens of millions easily pick Thailand as their vacation retreat and the trend will only continue, according to the same Bloomberg report. By the end of 2019, it is estimated that Thailand will lure in 40 million foreign visitors – all expected to tour around the country and to bring with them money to spend.
While the Thai tourism scene is gradually becoming known for its increasing luxurious options, the majority of tourists making their way to the country remain smitten by the experience that is best described as best bang for the buck. Thailand is premium and affordable at the same. As tourism experts in the country insist, in Thailand there is something for everyone.
The country has high-end accommodations – private villas or homes and even five-star hotels – but one needs not to reach too deep on the pocket to enjoy. If holidaying on a budget, Thailand will certainly welcome guests with arms wide open.
Meals can cost between two bucks, which can be had on the popular night markets, or $60. The latter, Bloomberg said, is the price to pay for dining on a ritzy restaurant that is high-end but will not break the bank.
“It has a diversity and variety that exists in few other markets. It’s no surprise lots of people are going—and spending,” one industry expert told Bloomberg about Thailand.
Expanding Luxury Market
Amidst the cheap treats that await tourists in Thailand, there exists premium tourism in Thailand. Starting in 2019, the country will see the operation of the so-called “superlative new resorts,” and among the names mentioned were Four Seasons, Rosewood, Mandarin Oriental and Waldorf Astoria. In addition, boutique stores from Japan and French restaurants with multiple Michelin stars will come in, further attesting to Thailand’s rising tourism stature.
Bloomberg said premium brands are taking notice of Thailand due to the country’s strong selling points, specifically its “strong infrastructure and airlift, a depth and breadth of tourists and an ingrained culture of hospitality.”