Thailand's economy is poised for significant growth, particularly through the rise of Man-made tourism, as analyzed by Krungthai COMPASS. The economic outlook for 2024 indicates promising developments, driven by the leisure and entertainment sectors. Experts highlight the increasing popularity of Man-made Destinations, as travelers seek unique experiences distinct from traditional attractions.
Dr. Supree Srisa-arn, Director of Business Risk and Macro Research at Krungthai Bank, asserts, "Man-made Destination is rising strongly, giving opportunities for investment and economic growth." This sentiment reflects the broader trend of vacationers worldwide who are eager to discover captivating spots, propelling Thailand's tourism sector forward.
The recovery of tourism has been notable. Dr. Chamadan Maaknual points out, "Tourism recovery is observed with domestic travelers at 199.5 million and foreign tourists at 26.1 million." With 121% of pre-COVID domestic traveler levels achieved and around 88% of foreign traveler numbers returning, Thailand's tourism industry exhibits resilience even as it tries to catch up to other regions like the Middle East, which has experienced more rapid growth.
Looking toward 2025, projections show substantial growth for Man-made tourism, with expectations of 3.1 million Man-made tourists generating approximately 180 billion baht. This anticipated influx is significant, as it translates to around 0.9% of Thailand's GDP. Krittathun Laerith, another Krungthai COMPASS analyst, highlighted this economic potential, saying, "Predicted 3.1 million man-made tourists by 2025, generating 180 billion baht, and contributing 0.9% to GDP." This presents Thailand with fresh opportunities to develop exciting new attractions and entertainments.
The concept of Man-made tourism—a term to encapsulate experiences like festival attractions, convention centers, and theme parks—is expected to draw significant interest both locally and internationally. The success seen by countries like Qatar, following their hosting of the FIFA World Cup 2022, exemplifies the benefits of such targeted tourism efforts. It not only increased tourism numbers dramatically—more than tripling them since the pandemic—but also bolstered the country's economy through extensive investment and enhanced public infrastructure.
Krittathun also notes, “Investment to develop Man-made destinations has proven to yield worth and success.” He cites examples from global successes, such as the Shanghai Disneyland project, which has returned significant revenue on investment. The commitment to build and highlight these types of attractions positions Thailand to capture market share from international bonanzas.
Thai authorities are focusing on enhancing their tourism industry's appeal, particularly through Man-made developments. It appears travelers' preferences are shifting, as accessibility and unique experiences become increasingly important. The expected rise of the Gen Z and Gen Y demographic—whose interests lean heavily toward innovative, thrilling experiences—justifies investments to broaden Thailand’s allure.
Beyond raw numbers, these developments bring multiple benefits, such as creating jobs, generating income for local businesses, and promoting sustainable tourism engagement. The push is on to integrate fun, educational, and cultural experiences, tapping directly onto what the modern traveler desires.
The Krungthai study points to significant growth potential: “Investing the right way can truly transform the economic future of tourism.” Thailand's unique versatility will play to its advantage, poised to offer diverse attractions, from cultural workshops to amusement parks, catering to both local and international audiences.
Overall, bringing new dimensions to its tourism strategy seeks to not only recover but thrive beyond pre-pandemic levels. Thailand’s tourism infrastructure innovation and creativity can serve as catalysts for reversing past stagnation due to COVID-19 impacts. The crux of this enhanced focus on Man-made tourism lies at the heart of its economic resurgence—one expected to provide revenues exceeding previous highs.
Specific themes like entertainment complexes, family-oriented destinations, and mega-event planning emerge as primary areas of investment. With the prospects of welcoming more travelers, driving job creation, and revitalizing the economy, Thailand aims to evolve effectively.
All indicators suggest enthusiasm and tenacity within the tourism sectors as investments continue flowing. The current trends reveal promising opportunities for authorities to capitalize on. Thailand's aspirations for economic rejuvenation hinge upon its ability to adapt and expand creatively to align with market expectations, ensuring the nation's sustainable tourism future.
Continued emphasis on broadening the tourism spectrum, making it as diverse and recovery-ready as possible, will allow it not just to recover post-pandemic but also emerge stronger—reestablishing Thailand's position as a premier destination for international travel.
