Bangkok (VNA) - Thailand's strong tourism recovery had a positive impact on housing demand and property renovation at major tourist destinations in the first quarter of this year, according to construction material distributors and residential housing developers.
Weerapun Ungsumalee, managing director of Home Product Centre Plc, the operator of home decoration and improvement store HomePro, said the company's revenue growth in the first quarter was boosted by the recovery of the tourism industry.
The recovery of the tourism industry led to an increase in spending on property renovation and improvement in tourist destinations, resulting in significantly higher growth compared to other provinces, he said.
Another driver of spending in the first quarter of 2023 was the "Shop Dee Mee Khuen" tax incentive, under which consumers can claim up to 40,000 THB in tax refunds on goods and services shopping from January 1 to February 15.
According to Weerapun, the incentive had a positive impact on the company's sales, both in physical stores and through online channels.
Pringprai Nitayanont, deputy chief executive of Karat Enterprise (Thailand), said demand for the company's products was very strong in Phuket and Pattaya during the first quarter of this year, noting that its customers in Phuket and Pattaya were mainly focused on projects, particularly high-end hotels and resorts that cater to foreign tourists.
Tritecha Tangmatitham, managing director of residential developer Supalai Plc, said residential demand in provinces has continued to rise, mainly due to the return of foreign tourists.
Supalai's presales in the first quarter of 2023 reached 9 billion THB, up 22% from the fourth quarter of 2022, and 2% from the same period of last year./.
