Tourists’ Visa spending surges 90%

Inbound tourists’ spending on Visa credit cards this year is expected to be 90% higher than the 2019 level, a higher rate than that of Thai travellers overseas, who were hampered by a sluggish economy.
Punnamas Vichitkulwongsa, country manager for Visa Thailand, said Thailand remains a preferred tourism destination among foreigners.
The inbound market has grown significantly this year, given the 90% uptick in total Visa spending compared with 2019.
The top five inbound markets for spending using Visa cards in Thailand were the US, Singapore, China, the UK and Japan, said Mr Punnamas.
Most of them also posted higher average spending per head, with each market having a different spending pattern.
For instance, Japanese tourists spent more on food than shopping, while the Chinese market prioritised shopping.
European clients also increased their expenditure on fine-dining meals, according to the company.
Visitors from neighbouring nations, such as Myanmar and Cambodia, used their cards for healthcare services in Thailand.
Even with the strong baht and volatile exchange rate, these foreign tourists are insensitive to such factors, he said.
However, total spending for the outbound market witnessed a growth of only 20% compared to 2019, as many Thais remain worried about the economy, he said.
This year, Japan was a top destination for Thais, followed by South Korea and France, thanks to the Olympic Games in August.
For domestic tourism, the mass market who hold Visa cards also reduced their credit card spending on leisure activities, such as dining at restaurants, although affluent customers still show strong demand.
More than 1.4 billion Visa credit cards are used in 160 countries, including 10 million Thai cardholders, according to the company.
Tourists can use Visa across 400,000 stores in Thailand.
Visa signed a memorandum of understanding on Tuesday with the Tourism Authority of Thailand to promote tourism, expanding acceptance of Visa cards and sharing insights and data analysis.