BANGKOK: Currency exchanges, travel agencies, restaurants, tour guides, and accommodation businesses continue to lead the way in the overall recovery of the tourism sector. According to the most recent data from the Ministry of Commerce, the proportion of hospitality firms among newly established businesses in Jan-May has doubled from last year and reached 8.1%.
The number of newly established businesses in the first five months of 2023 tallied 39,660 among all sectors, while their combined registered capital amounted to B389 billion (B9.8 million per company on average). The number of new companies grew by 17.9% year-on-year, and the combined capital grew by 50%, according to the Department of Business Development (DBD).
Among specific hospitality-related segments, foreign currency exchange firms registered a 389% increase in new registrations. Travel agencies recorded a 281% increase, tour guide firms gained 225%, restaurants jumped 67.2%, and accommodations (including hotels and apartments) increased by 49.1% for the period.
The top three leading categories by the overall number of new registrations were construction companies (7.57% of the total amount of new firms), followed by real estate firms (7.33%) and restaurants (4.69%). All hospitality-related businesses tallied 8.1% combined.
The aforementioned figures represent nationwide statistics, including tourism-oriented provinces and cities (Phuket, Pattaya, Samui) as well as non-tourism-oriented areas (from Pattani to Chaiyaphum). The DBD did not release any specific data for tourism-oriented provinces.
Officials expect the registration of new businesses to reach 42,000-45,000 entities in the first half of 2023 and 75,000-78,000 entities for the full year, said DBD Director-General Thosapone Dansuputra, as reported by the Bangkok Post.
Mr Thosapone added that the current growth is attributed to the continuous increase in foreign tourists and the Thai economic recovery, reflected by a rising Consumer Confidence Index (CCI).
According to the University of the Thai Chamber of Commerce (UTCC), the CCI rose for the 12th straight month in May and reached 55.07, which is the highest level since March 2020. The Ministry of Commerce reported the CCI at 56.6 in May.
Yet, the index remains below 100 points as consumers see the economy as still recovering from the global economic slowdown due to the COVID-19 pandemic and the hike in commodity prices following Russia’s invasion of Ukraine.
