Kasikorn Research Center (K-Research) forecasts that the new round of COVID-19 spread in Thailand would slash earnings opportunities for Thais around 5.85 billion baht during 4-day holidays at the end of the year.
The massive amount of loss accounts for around 58.4 per cent of the total revenue that businesses would normally generate in the usual peak time, which is from December 31 to January 3.
“[The outbreak] is bad news for the tourism sector in Thailand, which is in the process of recovering, especially during the long New Year weekend,” says the research center.
According to the K-research’s survey, 54.8 per cent of Bangkok citizens will be staying home, while 40.7 per cent of this figure had to cancel their travel plans to other provinces.
However, around 30.9 per cent will continue their year-end plans, both daytrip and overnight, with some concerns depending on the outbreak situation that sees more cases each day.
The sample group says that the provinces to visit have no coronavirus detection while some have modified their destinations to avoid risk and are following the virus reports and updates up close.
K-research says that some tourists are still traveling to mountainous areas, not only in the main spots such as Chiang Mai, Chiang Rai, Nakhon Ratchasima, but also in Nan, Loei and Phitsanulok.
For sea destinations, the most-picked provinces for Bangkok citizens are Phetchaburi, Prachuap Khiri Khan and etc.
While the 14.3 per cent in the survey are still uncertain due to the COVID-19 situation and waiting for government measures to contain the spread.
K-research says that “during this time, the tourism sector will be affected inevitably, especially in areas with large numbers of COVID-19 infections.”
The research center also predicts the Thai tourism outlook to gradually recover in the end of the first quarter in 2021, given that the authorities could control the coronavirus outbreak within one month.
Meanwhile, analysts at Krungsri Securities expect the SET index for this week to hover at 1,450-1,500 points (with downside bias), pressured by escalating COVID-19 cases and outbreaks in several provinces and how foreign investors normally rein in investment activity before New Year.