FRIDAY, April 19, 2024

Extra day during Songkran will be financially beneficial for Thailand, says TTB

Extra day during Songkran will be financially beneficial for Thailand, says TTB

Thailand is expected to earn 41.5 billion baht over this year’s Songkran break thanks to an increase in foreign arrivals and the extra day off on April 12, TTB Analytics says.

Spending among Thai and foreign tourists is expected to rise 55% from 26.80 billion baht spent over the four-day Songkran break last year, the economic analysis centre affiliated with TMBThanachart Bank noted.

The centre expects Thai tourists to generate 17.20 billion baht through spending on travel, commodities and accommodation, especially in tourism destinations and coastal cities near Bangkok.

Though foreign arrivals during Songkran may be lower than the high tourist season in the first quarter of this year, some 3 million foreigners are expected to arrive in Thailand this month, generating about 24.30 billion baht in revenue for the country.

The estimate is 42% higher than the 2.18 million visitors last year, the centre added.

TTB Analytics expects tourists to start spending from this Saturday and continue for 10 days to April 16, boosting tourism revenue to some 78.90 billion baht.

“Increasing the number of holidays will have a positive impact on Thai tourism spending,” the centre said.

It also hopes that the government will launch additional policies to stimulate the tourism industry during Songkran, such as offering holidaymakers tax discounts on hotel rooms and food or collaborating with entrepreneurs to launch attractive travel packages.

The Songkran festival is a good time to stimulate the economy as most people travel home to catch up with family and friends or go travelling, the centre added.