TCEB beats 2018 MICE target revenue of more than 200 billion baht
Mr. Chiruit Isarangkun Na Ayuthaya, TCEB's President, revealed that According to the overall operating plan, the TCEB expects that Thailand will welcome a total of 35,982,000 MICE travelers, contributing revenue of about 221.5 billion to the country. Among them are 1,320,000 international MICE visitors, generating revenue of 100.5 billion and 34,662,000 domestic MICE visitors, earning revenue of 121 billion, Mr.Chiruit concluded.
the number of international and domestic MICE visitors reached 34,267,307, generating total revenue of 212.9 billion. This buoyant growth was largely driven by the government's support in developing the MICE industry as an enabler of economic growth. Other key driving forces were the readiness of MICE venues including hotels, the international convention and exhibition centers in Bangkok and in the 4 MICE Cities as well as MICE professionals who delivered on their capacity for international service standards. These factors reinforced the confidence of international MICE travelers that Thailand is a preferred destination for MICE events. Meanwhile, the bureau has a policy to promote meetings in the provinces with the aim of distributing income and strengthening communities.
"In the 2018 fiscal year, Thailand welcomed 1,255,985 international MICE visitors, an increase of 19.85 percent and generated revenue of 95.6 billion, up 8.10 percent. The average length of stay was 5 days with average spending of 76,135 baht per person per trip. Asian business travelers dominated the market representing 85.77 percent of all MICE visitors to Thailand. The top ten international MICE travelers were from China (214,877), India (152,638), Malaysia (146,387), Singapore (84,211), South Korea (71,141), Vietnam (55,306), Laos (55,125), Japan (51,361), Indonesia (51,320), and the Philippines (42,398). The top five growth markets were Canada (309.97%), Cambodia (182.25%), Myanmar (137.32%), Vietnam (109.26%), and New Zealand (78.92%). Notably, the CLMV economy (Cambodia, Lao, Myanmar, Vietnam) has been growing, positively affecting the number of international business travelers.
Domestic MICE visitor numbers, meanwhile, reached 33,011,322, generating revenue of 117.3 billion for the economy. Revenue surged by 28.9 percent thanks to Thailand's strong economy, which was driven by high growth in exports and tourism. This year, GDP is expected to grow by 20 percent over the previous year and will result in the country's economy expanding by 4 percent. The business and household sectors are more confident about spending and the government's tax deduction measures to promote tourism and MICE events in 55 second-tier provinces nationwide have generated higher revenues. A corporate tax exemption on income equal to 100% of expenses will be offered for seminars and accommodation, transport and other expenses incurred in conducting staff training and seminars in the 55 secondary cities. These factors are expected to boost economic growth.
According to Frost & Sullivan (Thailand) Co., Ltd.'s research on the overall economic impact of the MICE industry, total MICE expenditure in 2018 (excluding participant expenses) was valued at 251.4 billion and is expected to reach 316 - 405 billion in 2022. The MICE industry contributed 177.2 billion to the economy, accounting for 1.2% of overall Thailand GDP in 2018. It created 181,000 jobs and more than 23.4 billion in government tax revenue.
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