Thailand: US tariffs to hit domestic tourism during Songkran festival
Kantapong Thananerngroth, President of the Thai Tourism Promotion Association, said many domestic tour agencies received fewer bookings from local tour groups than expected for Songkran, attributed to weakened spending and travel sentiment.
The stock market slump fuelled by US President Donald Trump's tariffs could hamper Thailand's domestic tourism sentiment during the Songkran festival. (Photo: bangkokpost.com)
Bangkok (VNA)ꦕ - The ongoing stock market slump fuelled by US tariffs could impact tourism sentiment in Thailand for the rest of the year, including next week's Songkran holiday, with fewer last-minute hotel bookings and tour groups.
Kantapong Thananerngroth, President of the Thai Tourism Promotion Association, said many domestic tour agencies received fewer bookings from local tour groups than expected for Songkran, attributed to weakened spending and travel sentiment.
He said middle-to-lower-income groups are cutting back on domestic trip plans, while the high-spending segment has opted for overseas excursions during the holiday.
He noted that many Thais may still travel domestically during Songkran but will limit their shopping budgets during trips. This caution could be due to public concerns about unexpected events, such as US tariffs and the recent earthquake.
He predicts that domestic tourism this year will decline compared to 2024, as there is no longer pent-up travel demand from the COVID-19 pandemic to boost the market, while the economic downturn persists.
According to Morrakot Kuldilok, President of the Eastern Chapter of the Thai Hotels Association, some Thai family groups have pre-booked for the Songkran festival. However, younger travelers, who typically make last-minute bookings, may decide to "skip" traveling during this year's Songkran holiday.
Thanet Supornsahasrungsi, President of the Chonburi Tourism Federation Association, stated that most hotels in Pattaya city and Chon Buri province expect an occupancy rate of 80-85% for the Songkran festival, but the growth rate of last-minute bookings is slower than anticipated./.
Deputy government spokesman Anukul Prueksanusak has cited findings from a recent consumer behaviour survey conducted by the University of the Thai Chamber of Commerce, which said spending during Songkran is projected to increase by 4.5% to 134 billion THB (3.8 billion USD), up from last year’s 129 billion THB
Budsakorn Teerapunyachai, Assistant Governor of the Bank of Thailand’s (BoT) Payment Infrastructure and Services Group, said this move is based on the expectation that commercial banks will face a demand for banknotes of around 40 billion THB, taking into account the holiday duration and the government’s tourism stimulus measures.
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