Thailand Real Estate - Thailand Property News from Absolute Real Estate

 

Tourism Redirect Spurs Phuket’s Russian Market

C9 Hotelworks has released an insightful analysis titled Phuket Russian Tourism Market.  Last year the rebounding segment contributed an estimated THB30 billion (approximately USD848 million to the island’s economy. One clear cut metric of the attraction of Phuket for visitors is that 51% of Russian travelers to Thailand come to Phuket. Phuket experienced a strong recovery in its Russian tourism market in 2016, with total passengers arriving via international flights to the island up by 51% year-on-year. This is substantially higher than the growth of the total market of travelers from Russia to Thailand, which rose by23% in the same period. A major attribute to the uplift was the crash of Metrojet flight from Sharm El Sheikh to St. Petersburg in October 2015. The event resulted in tour operators suspending flights to Egypt anddiverting to alternative holiday destination such as Phuket. Another factor that helped increase the overall number of outbound Russian tourists on a global basis is the strengthening of the Ruble, which began appreciating early last year due to rising oil prices. This leading indicator is expected to continue as Russia’s political and economic relationships improve with their key trading partners. We foresee the momentum continuing throughout this year, as the demand pressure in 2016 allowed the island to tap into the Russian tourism market. This will broaden demand for Phuket and will help to diversify the source market profile of international visitors.   To download and read the full report CLICK