Tuesday, August 29, 2023
The return of prominent foreign musicians and live concerts to Bangkok benefits the Thai economy in a variety of ways. International travel for music, sports, and other important events is becoming more popular. Thailand is ideally positioned to capitalize on the worldwide music tourism business, which is expected to reach $11.3 billion by 2032, according to Travel Daily News report.
The increased demand for live music performances in Asia Pacific, with its rapidly rising young population, is expected to drive the worldwide music event industry. That’s one way a constant supply of international performances, with their tremendous crowd-pulling skills, might play a key part in Thai tourism growth.
According to internet research firm QuestionPro, Taylor Swift’s Eras tour is an excellent illustration of how concerts drive spending in host towns, with its US leg estimated to generate up to $5 billion in economic activity. This analysis extends beyond event ticket sales to cover not just product and food and beverage prices, but also the costs of flights, lodging, and retail sales in host towns.
Thailand is well on its way to benefit from the ‘experience economy,’ with the resumption of live concerts nearing pre-pandemic levels, which began early this year with Blackpink’s two-day Bangkok visit in January and Harry Styles and Arctic Monkeys’ shows in March. According to Traveloka statistics, there has been a considerable surge, particularly for inward flights, with the number of flight transactions nearly tripling for the first half of 2023 compared to the same period last year. This increase in flights is also mirrored in the trend of hotel bookings in Bangkok, which has increased by over 30%.
Traveloka Thailand saw a substantial amount of reservations in the first half of 2023, with the bulk coming from both inbound and domestic passengers travelling to Bangkok. China, Taiwan, Indonesia, Vietnam, England, Singapore, Malaysia, and Cambodia were the leading contributors to inbound tourist bookings.
Domestic travelers were equally enthusiastic, as Traveloka saw an increase in reservations from Chiang Mai, Hat Yai, Chian Rai, Phuket, Chonburi, Songkla, and Suratthani to Bangkok.
Thailand’s tourism business was thriving in the first half of 2023, and this trend is expected to continue into 2024. This will increase demand for hotels and airlines, and with music tours making a comeback, it will also help move the tourism sector forward. Music tourism is not restricted to live performances; nearby attractions such as restaurants and historical buildings, to mention a few, can profit from increased attendance as well.
Thailand should expect excellent tourism earnings from the upcoming Charlie Puth and Sam Smith performances in October, as well as the fast-selling-out Coldplay concerts in February 2024. This will help travel and tourism enterprises who have the correct strategy and approach.
According to Iko Putera, CEO of Transport, Traveloka, this is an opportunity for those in the travel & tourism industry to work on delivering experiences that are complementary to the most popular concerts and music festivals, such as city’s attractions and activities, cruises, entertainment.
“What we are seeing from Traveloka data, is that international concerts in Bangkok are could be one of the key drivers for leisure travel spending across a wide demographic. Celebrating culture through music performances and entertainment should also be an integral part of Thai tourism strategies. The lineup of world-class performers for multiple shows in Bangkok serves as a remarkable achievement for its tourism industry. As a leading travel platform in Southeast Asia, Traveloka is eagerly embraces the opportunity to forge a stronger collaboration with the Tourism Authority of Thailand (TAT) to make Thai tourism even better and more popular in the region.”
“This success not only promises prosperity for local businesses but also presents significant opportunities for other local services such as culinary experiences, travel insurances, etc. We are hopeful this phenomenon will have a positive contribution in boosting Thai small and medium-sized tourism businesses, which benefits Thailand’s overall economy and tourism industry”, Iko added.
This success not only promises prosperity for local businesses but also presents significant opportunities for other local services such as culinary experiences, travel insurances, etc. We are hopeful this phenomenon will have a positive contribution in boosting Thai small and medium-sized tourism businesses, which benefits Thailand’s overall economy and tourism industry”, Iko added.
With changing travel requirements and dynamic travel expectations, communication among industry actors and government organizations is critical to ensuring that all stakeholders are working toward the same goals.
Tags: bangkok, Thai economy & tourism, Thailand, Tourism
Tuesday, August 29, 2023
Tuesday, August 29, 2023
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