Travel business expert predicts Thai purchasing power to drop 30%

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A travel business expert has predicted that the purchasing power of Thai consumers will soon drop significantly due to a number of risk factors.

Krit Patarapal, Managing Director of P.K. Exhibition Management Company and the organizer of the tourism promotion event “Thai Teaw Thai”, said that Thailand will likely be under pressure from deflation at least until next year.

He believes that Thai consumers’ purchasing power will drop around 30 percent, mainly due to 3 worrying factors. They are natural disasters, economic conditions and political uncertainties.

Krit suggested that travel business operators and related entrepreneurs should come up with more appealing events, which focus on respective seasons, in order to convince travelers that their money will be well-spent.

He also called for new holiday destinations as alternatives to existing locations while easing on the pricing strategy.

And as a boost during the low travel season, Krit said that a special tourism promotion event has been scheduled from July 5 to 8 at Queen Sirikit Center in Bangkok.

He expects as many as 100,000 visitors, who will spend around 200-300 million baht altogether, during the 4-day event.

Moreover, a big holiday extravaganza is set to take place either in August or September, with more than 400,000 visitors likely to check out some 1,300 booths from travel-related businesses and spend approximately 500 million baht on holiday plans.