Guide to understanding how modern global trends are shaping Bangkok’s hospitality
In 2023, Thailand saw a rise in foreign tourist arrivals that reached over 27 million. Its primary markets were Malaysia, China, Singapore, and India. The positive end to 2023 led to high hopes for 2024 with the government setting a target of 36 million foreign investors for 2024. Here are some key trends and factors shaping the country’s tourism and hospitality sectors.
img via flickr
Industry Overview for 2024
The market size for Thailand’s hospitality industry is estimated to be USD 1.42 million this year and is expected to grow to USD 1.82 billion by 2029. The industry is set to grow at a compound annual growth rate of 5.67% from 2024 to 2029.
Key Factors
Thriving hand-in-hand with the tourism sector, the hospitality industry provides various accommodation options, culinary experiences, and wellness treatments for a wide range of travel types. The increase in hotel projects and the introduction of new airline routes and flight frequencies are contributing to the growth of the hospitality industry.
Notable Trends
The sector now focuses on sustainability and eco-friendly initiatives with many hotels encouraging tourists to move towards sustainable practices and experiences. Additionally, hotels are now embracing technology and digital solutions to facilitate contactless check-ins and virtual concierge services for a seamless experience.
Due to the sector’s growth, there is a demand for industry professionals leading to various educational opportunities. Renowned institutions like the Asian Institute of Hospitality Management (AIHM) which is based in Bangkok now provide a hospitality management degree for new generations looking to tap into the country’s thriving hospitality sector
Future Expansion
The hotel industry is set to continue its growth trend as the Thai government plans to further improve its tourism sector. In addition to improving the nation’s infrastructure, the government is now actively promoting the country as a destination for medical, MICE and green tourism.
