Thai hotel industry expects correction as 'revenge travel' cools

Tourism business to focus on cost control, reducing reliance on China

20240102 Tourists Bangkok

Tourists take photos of Wat Arun in Bangkok on Jan. 2: Industry experts are cautiously optimistic about prospects for this year. (Photo by Hiroki Endo)

FRANCESCA REGALADO, Nikkei staff writer

BANGKOK -- Thai hotel industry watchers are on the alert for a market correction this year, as pent-up demand from the pandemic dries up amid rising travel costs.

And they have a cautious outlook for the industry's most important market, China, whose travel resurgence in 2023 was dampened by a slowing domestic economy and security concerns.

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