Tourist arrivals in Thailand from September 29 to October 5 reached 604,598, an increase of 85,141 or 16.4% week-on-week (WoW), according to the Economics Tourism and Sports Division (ETSMOTS). This jump was largely driven by Chinese tourists, whose numbers soared 67% WoW to 132,021 amid China’s Golden Week holiday.
However, when compared to the same period in 2024, total tourist arrivals have contracted by approximately 5.3% WoW, with Chinese visitor numbers down 17.7% WoW.
For September, ETSMOTS reported total tourist arrivals at 2.2 million, marking an 11% year-on-year (YoY) decline. This contraction is a moderation from steeper drops of 16% and 13% seen in July and August, respectively.
Kasikorn Securities (KS) predicts a steady easing in the rate of annual tourist declines in the fourth quarter of 2025, citing an anticipated increase in European travelers during the high season.
On the hospitality side, Asset World Corporation PCL (SET: AWC) reported hotel bookings from October 1–7 rising 24% YoY, while October reservations overall grew around 10% YoY. Meanwhile, The Erawan Group PCL (SET: ERW) noted that occupancy rates (OCR) during Golden Week improved slightly year-on-year, though a decrease in average daily rates (ADR) led to flat forward booking revenue versus last year.
Central Plaza Hotel PCL (SET: CENTEL) reported that Chinese guest numbers in Thailand during Golden Week were stable YoY. However, its Maldives properties recorded double-digit YoY growth in Chinese visitors.
Kasikorn’s top sector picks are Bangkok Airways PCL (SET: BA), CENTEL, and ERW.
