7-7-2023 (BANGKOK)The slow recovery of business travel and Thailand’s failure to position itself as a connectivity hub have hindered the growth of Thai Airways’ brand value, while Centara Grand emerged as the strongest brand in the country this year.
According to Alex Haigh, Managing Director for Asia-Pacific at Brand Finance, the government should focus on promoting the country beyond leisure tourism and work towards attracting people for various objectives such as living, working, and retirement.
Brand Finance’s study of Thai brands revealed that Thai Airways had a brand value of US$990 million, placing it among the top 50 brand values in the country. However, its value decreased from the $1.37 billion recorded in 2019.
Mr. Haigh highlighted that although the airline’s brand value grew by 3% compared to the previous year, it lagged behind regional competitors such as Singapore Airlines and Malaysia Airlines, which experienced growth rates of 8% and 5% respectively.
These findings suggest that Thai Airways has not yet returned to its 2019 capacity levels, he added.
Furthermore, Brand Finance stated that Thailand’s inbound tourism still has a long way to go to reach pre-pandemic levels, attributed to reduced demand from Chinese travelers, a lack of business visitors, and a failure to establish international connectivity.
Bangkok also faced challenges in terms of business perception, ranking 81st and 77th out of 100 cities as an ideal destination for investment and living, respectively.
The city’s highest ranking was 16th for being “the most familiar city with great nightlife and fun activities,” according to the survey.
Mr. Haigh suggested that expanding customer bases and business opportunities would benefit tourism-related firms, including airlines and hotels, as well as Bangkok and Thailand as a whole.
The study also revealed that Centara Grand secured the strongest brand position this year, surpassing last year’s leader, Kasikornbank, which dropped to third place. PTT remained in second place, maintaining its position from the previous year.
Centara Grand entered the top national brand value ranking for the first time, ranking 32nd with a brand value of $233 million.
Brand Finance measures brand strength based on the brand’s recognition among customers when making choices among various brands. Brand value is determined by the scale of the business, as well as its ability to serve and drive customer demand.
Although Dusit and Anantara were recognized as strong hotel brands in Thailand, they have yet to enter the top 50 brand value ranking, according to Mr. Haigh.
