Thailand aims for $86.3B in tourism revenue for 2024

The number of foreign visitors to Thailand increased significantly in 2022, reaching 11.5 million, well above the 10 million target.

However, spending was lower, as international flights were still limited, the majority of foreign tourists came from neighboring countries.

In 2023, the TAT set a target of achieving 80% of 2019's revenue or 2.38 trillion baht, but expects to reach only 91% or 2.167 trillion baht. For 2024, the goal is to reach 100% of 2019's revenue.

TAT Governor Yuthasak Supasorn said to reach the target, the TAT needs to fully implement marketing efforts and effectively manage external risks that might affect expected revenue and number of tourists coming to the country in the coming years.

The TAT estimates that Chinese tourist arrivals to Thailand will increase in the second half of this year due to the recovery of the Thailand-China air route, currently operating around 400 flights per week, up from 150 flights per week in May.

This gives the TAT a hope for achieving its goal of attracting 5 million Chinese tourists throughout the year after welcoming around 1.5 million tourists in the first six months of this year.

That might not be achievable, however, as the group tour segment has not fully recovered and it is anticipated that visitors coming over the Chinese National Day holiday (October 1) will be individual travelers. This is unlike the situation in other Asian destinations, especially Vietnam, where group tours have increased significantly.

Despite the challenges, the momentum of domestic travel continues. The Thai Hotels Association (THA) reported a positive trend in hotel room bookings late last year, with rates improving compared to the 2019 high season.