Thailand has achieved a place among the top 10 international travel destinations in the Asia-Pacific region, which has been positively received. According to the “Travel Industry Trends 2023” report by the Mastercard Economics Institute, the report highlights Thailand’s allure to travelers seeking new cultural experiences and destinations, as well as those desiring a sense of familiarity in a captivating and vibrant setting. Notably, Thailand has observed a substantial increase in spending on experiences, rising by 40.5% compared to 2019, while expenditure on material possessions has increased by 24%.
The Mastercard Economics Institute’s report also provides insights into the tourism landscape in the Asia-Pacific region:
Both leisure and business travel are growing at a similar pace, with flight bookings in March 2023 up by 31% compared to the same month in 2019. Corporate flight bookings have caught up with leisure flight bookings, driven by regions that embrace a return to office culture.
The reopening of Mainland China has a positive impact on global and Asia-Pacific tourism. Economies in the region, with strong ties to international trade, tourism, and geographic proximity to China, stand to benefit.
Travelers are establishing new travel routes and venturing further from their homes to discover new destinations.
Tourists continue to prioritize experiences, showing a preference for unique experiences over material possessions. As of March 2023, global spending on experiences increased by 65%, while spending on material possessions rose by 12% compared to 2019. (PRD)
