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Thursday, June 13, 2024

Diversification of source markets

By Ricky Ho

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Relying heavily on the Chinese and South Korean markets is akin to putting all eggs in one basket, a strategy that could potentially jeopardize Vietnam’s tourism growth. China was once a pivotal tourism market for numerous Asian countries, contributing to over 30% of total international tourist arrivals in these nations prior to the Covid-19 pandemic. However, the prolonged absence of Chinese solo travelers and tourist groups has prompted these countries to pivot towards exploring opportunities in niche markets. Tourism transformation in Thailand China has expanded the list of countries that group tourists can visit, including Thailand, after lifting Covid-19 travel restrictions. While popular destinations anticipated an influx of vacationers, the question remains: When will it materialize? Thailand initially expected a surge in Chinese tourist arrivals this year. Nevertheless, this hope dwindled as China’s economic woes and low consumer spending impacted the forecast. Data from booking platform SiteMinder, shopping app Meituan, and the Tourism Authority of Thailand (TAT) revealed that Thailand received only 1.6 million Chinese tourists in the first half of 2023. With lackluster performance from January to June, the government’s goal of welcoming seven million Chinese visitors and 30 million international travelers for the year seems increasingly difficult to […]
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