The Thailand Convention and Exhibition Bureau (TCEB) has downgraded the revenue forecast for the Mice (meetings, incentives, conventions and exhibitions) segment to 96 billion baht, less than half the level recorded in 2019, attributed to a subdued Chinese market.
TCEB president Chiruit Isarangkun Na Ayuthaya said even though Mice travellers from Europe, India and Southeast Asia are rebounding strongly, Thailand still needs the Chinese market to return in order to reach its projections.
He said several negative factors stalled the growth of the Chinese market, including limited flights and a slow visa application process for groups of travellers.
The Chinese government is also encouraging people to spend domestically to stimulate local consumption, which has strengthened China's Mice market.
In 2019, China was the biggest market for Thailand's Mice industry, with more than 247,000 arrivals. However, the nation dropped from being a top five source market last year because of Beijing's three-year zero-Covid policy.
Mr Chiruit said TCEB will host roadshows in Beijing and Guangzhou next week aiming to increase transactions from Chinese buyers.
The bureau previously forecast 109 billion baht in revenue from 18.5 million business travellers in fiscal 2023, banking on a global travel rebound and the reopening of China.
At the halfway point of the fiscal year, from October 2022 to March 2023, Thailand tallied only 39.7 billion baht in revenue from 10.1 million travellers -- 70 billion baht short of the target.
TCEB downgraded the forecast to 96 billion baht, still well below the 201 billion earned in 2019.
Given the global recession risk and geopolitical tensions, he said these issues could slow down Mice travellers and their spending.
The agency aims to strengthen the domestic segment and monitor bidding for large international conventions, covering about 30 events over the next 3-5 years, said Mr Chiruit.
He said even though Thailand is under a caretaker government, TCEB can still propose new events to the cabinet as most bids are for future shows.
One of the future projects recently acknowledged by the cabinet is a bid to host the 17th Unesco Creative Cities Network Annual Conference in Chiang Mai in 2025.
TCEB is responsible for bidding for the conference, under the "One Ministry, One Convention" policy, in collaboration with the Creative Economy Agency, the Culture Ministry, Chiang Mai Provincial Administrative Organization and the Unesco Creative Cities Network in Thailand.
The conference is expected to generate more than 126 million baht, said Mr Chiruit.
