Thailand
Thailand: Impact sees market recovery next year
Impact Exhibition Management is hoping its revenue will reach 70% of 2019 levels this year with support from local events and international visitors in the second half, as it plans new exhibition centres using a 6-billion-baht budget.
Paul Kanjanapas, chief executive of Bangkok Land, the operator of Impact Exhibition Management, said the majority of Mice (meetings, incentives, conventions and exhibitions) events during the first half of this year were relying on local and annual events.
As visitors from some countries still require quarantine upon their return, the number of Mice visitors might not significantly improve, he said.
Given that the international market could rebound in the second half due an improved virus situation and travel rules, revenue in 2022 is estimated to reach 70% of the 2.2 billion baht which was achieved in 2019.
A full recovery of the market to pre-pandemic levels is expected to occur in 2023.
As of February, there are 304 confirmed events at Impact for the whole year.
Most of them are exhibitions, meetings and seminars as well as concerts or family shows.
Highlight events include the Bangkok International Motor Show 2022 in March, Architect Expo 2022 in April and the Thomas-Uber Cup Finals 2022, an international badminton competition, in May.
The Unicity’s Global Leadership and Innovation Conference, bringing 8,000-10,000 international visitors, will take place in August, but the organisers are closely monitoring the viral situation.
Mr Paul said revenue in 2021 plunged to its lowest in over 20 years at 400 million baht.
Amid the outbreak in 2021, Impact provided space for the Busarakham field hospital from May to October before reopening for events in November.
There were 296 events held last year, with no international events, compared to 644 and 1,107 events in 2020 and 2019, respectively.
The firm aims to build a two-storey exhibition building with a total space of more than 200,000 square metres.
One project expected to stoke demand is the new Pink Line skytrain route in 2024, as two stations will be located at Impact Muang Thong Thani.
Mr Paul said online technology or the metaverse might become more relevant, but people will still look for physical events, trade shows and concerts.
Impact plans to revise the plan for new exhibition centres by mid-2022 based on the state of the outbreaks and market trends, said Mr Paul.
Bangkok Land is responsible for the 6-billion-baht investment.
“Developing a preferred Mice destination is our priority for the next 2-3 years as we have expertise in the industry,” he said.
There is also a plan to develop a mixed-use project at a 300-rai area, which will comprise a hotel, retail space and offices.
Source: https://www.bangkokpost.com/business/2261327/impact-sees-market-recovery-next-year