The Tourism Authority of Thailand (TAT) and global payments leader Visa have unveiled a strategic Memorandum of Understanding (MoU) that promises to harness data-driven strategies to bolster tourist spending in Thailand, particularly focusing on health, wellness, and retail experiences. The agreement was formally inked on May 26, 2023.
“This MoU underlines our enduring partnership with Visa, a relationship that has blossomed since 1998, and it allows us to exploit smart data systems to move Thailand’s tourism forward sustainably,” stated TAT Governor, Mr Yuthasak Supasorn.
The MoU stipulates that TAT and Visa will combine their efforts to entice international Visa cardholders to visit Thailand, nudging them to spend more on local tourism products and services. As part of the partnership, Visa will offer insights into cardholders’ travel and spending patterns, assisting in devising effective marketing strategies.
The TAT-Visa collaboration also aims to fortify Thailand’s standing as one of the world’s top six shopping destinations, with the imminent ‘Amazing Thailand Grand Sale 2023’ playing a significant role in underlining this prestige. The sale event, scheduled to occur from June 15 to August 15, will cover Bangkok, Chiang Mai, Phuket, Udon Thani, Chon Buri (Pattaya), and Songkhla (Hat Yai).
Alongside boosting retail tourism, this partnership will spotlight Thailand’s robust health and wellness tourism foothold. To enhance this sector, both TAT and Visa intend to promote Thailand’s ‘5F’ soft-power assets – Food, Film, Festival, Fight and Fashion.
“The relationship between Visa and TAT has proven fruitful for over two decades. Visa’s expertise and global network will generate valuable market insights, ultimately driving Thailand’s economic growth through tourism,” said Ms Serene Gay, Visa’s Group Country Manager – Singapore, Malaysia, and Thailand.
The ‘Visa Global Travel Business and Economy Report’ revealed that tourists worldwide select Bangkok as their preferred destination in Asia, with shopping being a significant income source for the region.
TAT’s ‘Great Resumption Episode II’ strategy aims at tapping into short-haul markets, including China, Malaysia, India, South Korea, Singapore, and the CLMV countries (Cambodia, Laos, Myanmar, and Vietnam), as it plans to rebound from the challenges brought on by the pandemic.
With the strategic ‘Visit Thailand Year 2023: Amazing New Chapters’ campaign, TAT anticipates the arrival of 30 million international tourists in 2023, generating a staggering 1.44 trillion Baht in tourism revenue.
This bold partnership between Visa and TAT exemplifies a promising way forward, combining innovation, technology, and collaboration to bring about an exciting new chapter in Thailand’s tourism landscape. With the MoU now in effect, the spotlight is on Thailand as a top-tier tourist destination, backed by a visionary approach to modern tourism marketing.
Written by: Supaporn Pholrach (Joom)