Thailand

Phuket tourism market will gradually recover in 2024

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Phuket’s tourism industry is continuing to rebound, with last year’s airport passenger numbers gradually approaching pre-pandemic figures, according to a new report from consultancy group C9 Hotelworks. Although it reached 7 million, it was still below the 9 million mark set in 2019. .

The Chinese market is slowly recovering, with 650,000 visitors last year, in stark contrast to the 2 million before the epidemic. Nonetheless, visa exemptions for Chinese and increased flight connections are expected to increase these numbers.

Indicator showing flight arrivals at Phuket International Airport

The Southeast Asia regional market outperformed previous records, with Singapore arrivals doubling and Malaysian arrivals increasing by 67%. These statistics highlight the potential of short-haul travel in a world adapting to post-pandemic travel norms.

Hotel indicators also reflect this positive trajectory, with hotel occupancy rates set to surge to nearly 78% in 2023. This rise is attributed not only to the return of tourists but also to Phuket’s ability to attract a high-spending population.

Phuket Tourism-Tourist Arrivals
Passenger arrival indicators at Phuket International Airport

The development plan of the hotel industry has slowed down, but 19 projects with 3,719 rooms have highlighted the market, of which 3 properties are hotel renovation projects with a total of 821 rooms. Brand equity accounts for 91% of pipeline assets. According to market research by C9, incoming supply has been reduced by more than 50% due to soaring land costs and overheating of the real estate industry in Phuket’s real estate market. Many hotel owners and developers have shifted their focus from new construction to transformation and repositioning through refurbishment.

To download and read C9 Hotelworks Phuket Hotel Market Update 2024, please click

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