Thailands Tourism Faces Golden Week Slowdown Amid Strong Baht and Economic Stimulus Efforts

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=VkrW6pXieis

Chinese tourists to Thailand are expected to decrease during the upcoming Golden Week holiday, as the strong baht and China’s sluggish economy impact travel spending. This trend is affecting other international visitors as well, pushing them to negotiate lower service prices. Thanet Supornsahasrungsi, President of the Chon Buri Tourism Federation, expressed concern about the rising baht, noting that some travel agents are already requesting discounts from Thai operators due to hotel prices being set in the local currency. In Pattaya, advance bookings from Chinese tourists for Golden Week (October 1–7) have shown little growth, with last-minute bookings and a drop in Chinese tour groups being more common. • Meanwhile, Suksit Suvunditkul, head of the southern chapter of the Thai Hotels Association, commented that although Golden Week brings some activity to Phuket, it remains less busy compared to Chinese New Year, as October is the island's low season. Bookings for the holiday period are modest despite China being a key market for Phuket. • Agoda reported a 137% year-on-year rise in accommodation searches by Chinese travelers for Golden Week, yet Bangkok, usually a top destination, has been surpassed by Bali this year. An anonymous source from a major inbound tour operator noted that while the Chinese market is expected to improve compared to last year, it will still fall short of high expectations, due to China's weak economy, salary cuts for civil servants, and real estate issues, which have impacted travel budgets. The source estimated around 30,000 Chinese tourists will arrive daily during Golden Week, down from 40,000 in 2019. • Adding to these concerns, the baht has surged to a 19-month high against the US dollar, making Thailand less attractive to Chinese tourists, who may instead choose destinations like Japan. Economists, exporters, and tourism operators are urging the government to address the baht’s strength, as it threatens Thailand’s tourism and export sectors. • Dr. Naris Sathapholdeja, head of Data and Analytics at TMB Thanachart Bank, noted that while cheaper oil imports benefit Thailand, the negative effects of a strong baht on tourism and exports outweigh these gains. Dr. Amornthep Chawla, a senior executive at CIMB Thai Bank, explained that the baht’s appreciation, driven by a weakening US dollar and capital inflows, has made Thailand’s exports and tourist visits more expensive. He speculated that the US Federal Reserve might cut interest rates, which could ease pressure on the baht. Kasikorn Research Centre predicts that the baht will fluctuate between 32.50–32.10 baht against the dollar in the short term. • Meanwhile, the Pheu Thai-led coalition government is moving forward with its economic stimulus handout scheme to mitigate the impact of economic challenges. After launching the first phase, which provides a 10,000-baht digital wallet handout to over 12 million state welfare cardholders and disabled citizens, Prime Minister Paetongtarn Shinawatra announced plans for the second and third phases, which are currently under development. The government aims to inject 145 billion baht into the economy, with hopes of revitalizing the domestic market and laying the foundation for a digital economy. • Paetongtarn emphasized that the handout will provide new opportunities for recipients, allowing families to pool resources for business ventures or to alleviate personal debts. Deputy Prime Minister Phumtham Wechayachai confirmed that there are no restrictions on how recipients can use the funds, including for debt repayment. While the government is not concerned about critics who claim the handout is a vote-buying tactic, it remains focused on addressing economic challenges. • Loan sharks have been a concern, with reports emerging that lenders have intimidated recipients at ATMs to collect debts as soon as the handouts are disbursed. Deputy Prime Minister Anutin Charnvirakul warned lenders against such illegal practices, and the police have been ordered to take action against loan sharks. • While the scheme is meant to provide relief, only 3.1 million out of 14.5 million eligible state welfare cardholders received their 10,000-baht handout due to limitations in the Prompt-Pay system, which links payments to national ID numbers. The government is urging welfare cardholders to link their IDs to Prompt-Pay by the end of the year to receive the payments. • #thailandtourism #ChineseTourists #StrongBaht #thailandnewsinenglish #thailandnews #ThaiEconomy #digitalwallet #pattaya #phuket #ThaiHotels #traveltrends #tourismimpact #BahtAppreciation #traveladvisory #Pheu Thai government • hailand tourism • Chinese tourists • Golden Week 2024 • Strong baht • Thai economy • Economic stimulus • Digital wallet scheme • Phuket tourism • Pattaya tourism • Baht appreciation • Thai Hotels Association • Chon Buri Tourism Federation • Loan sharks Thailand • 10,000-baht handout • Pheu Thai government

#############################

New on site