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SVB Collapse: No Impact on Thailand’s Tourism

Published: March 20, 2023 at 6:15 pm

svb impact on tourism

The Tourism Authority of Thailand (TAT) has stated that it will assess the long-term effects of Silicon Valley Bank’s (SVB) downfall. Still, it guarantees that the country’s tourism will not be negatively impacted in the short term owing to pent-up demand.

Siripakorn Cheawsamoot, TAT’s Deputy Governor for Europe, Africa, the Middle East, and the Americas, asserted that the shutdown of SVB will not have an instant effect on the number of long-haul tourists to Thailand because the situation is mainly focused in the United States, with minor impact in other countries. He emphasized that the industry is backed by pent-up demand for travel, which makes the country’s status less severe. TAT wasn’t neglectful and actively monitors the issue and investigates its long-term effects.

Thanet Supornsahasrungsi, President of the Chon Buri Tourism Council, said that the situation could significantly affect tourism in the region where the bank operates but is doubtful to affect Thailand or Asia directly. He continued by clarifying that April is the off-peak season for European tourists and that travel firms usually shift their marketing attention to short-haul markets such as China, Japan, South Korea, and India.

The council president stated that attention should also be given to high airfares and limited flight capacity, which has lately improved. He emphasized, however, that considering China’s recent decision to permit mainland tourists to apply for tourist visas, airlines would benefit from a better balance of incoming and outgoing passengers, leading to more available seats and cheaper flight tickets.

SOURCE: Pattaya Mail

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