As the world prepares for another bustling summer travel season, a new report from the Mastercard Economics Institute reveals a striking trend: more than half of the top 15 fastest-growing travel destinations are in Asia, with Japanese cities leading the global surge in interest (CNBC). For Thai travelers, as well as the country’s tourism industry, these findings highlight changing dynamics that will influence how—and where—Thais travel, as well as the potential for attracting more regional visitors to Thailand itself.
The latest Mastercard ranking, based on a comparative analysis of summer flight bookings for 2024 and 2025, shows Tokyo and Osaka securing the top two spots among the globe’s most rapidly rising destinations. This uptrend signifies Japan’s continuing magnetism for global tourists, reinforcing its robust tourism infrastructure, outstanding hospitality standards, and cultural offerings. Meanwhile, nearby Asian hubs including Shanghai, Beijing, Seoul, and Singapore have also cemented their places in the top 10, while Vietnam’s Nha Trang and Japan’s Fukuoka enter as high-flyers at 11th and 13th respectively.
Commenting on the trend, the Mastercard chief economist for Asia Pacific stated, “Japan’s status as a travel powerhouse remains unshaken. Tokyo and Osaka remain magnets for global tourism.” The ranking also signifies a shift in preferred destinations among Europeans and Americans, whose interest in Asia has grown substantially over the past year.
This surge matters deeply to Thai readers for two reasons. First, as regional air travel resumes its pre-pandemic pace and Southeast Asians become more mobile, Thai tourism operators will face stiffer competition from new and rising destinations within the region. Second, shifting travel patterns among international tourists affect not just outbound options for Thais, but also the strategies local authorities must employ to keep Thailand attractive to foreign visitors.
This year’s Mastercard analysis points to several drivers behind the Asian boom, chief among them currency fluctuations. The Japanese yen’s historic depreciation since 1986 made travel to Japan unusually affordable for global visitors—Tokyo was in fact the most visited city in the world in 2024, drawing value-seeking travelers enticed by favorable exchange rates. Although the yen has partially recovered (reaching a rate of 147.98 to the US dollar as of May 2025), Japan’s mass appeal across culinary, cultural, and natural segments continues to compound this currency effect. The report underscores, “Currency depreciation can influence tourism in many countries, but the scale of response seen in Japan is exceptional.” For example, every 1% drop in the yen led to a 1.5% increase in visits from mainland China, while the same change resulted in only a 0.2% increase from travelers in Germany, France, and New Zealand.
Other Asian travelers similarly sought out the best value for money. When the US dollar weakened, more visitors flowed in from Taiwan, Singapore, South Korea, and India. As the Mastercard economist observed, “Travelers from Asia-Pacific are especially attuned to value, and that makes them more responsive to exchange rate shifts. In markets like the Chinese Mainland, Singapore, and South Korea, even a 1% change in currency value can have an outsized impact on travel decisions.”
However, not all nationalities are equally susceptible to currency changes. The report found British tourists, for instance, to be largely insensitive to shifts in the value of the Australian, Hong Kong, Japanese, Swiss, and US currencies, with their travel patterns remaining stable regardless of major exchange rate fluctuations. In contrast, price-sensitive Asian nationalities adjust plans rapidly in response, underscoring the need for destinations such as Thailand to closely monitor currency trends in target source markets.
Besides currency-driven decisions, wider economic and political factors have begun to reshape travel preferences as well. For example, cities like Jeddah and Riyadh are drawing more visitors due to Saudi Arabia’s economic diversification campaigns, while international visits to the United States are declining—a trend most pronounced among Canadians.
A JPMorgan report from April 2025, quoted in the Mastercard findings, confirms that foreign travel to the US dropped nearly 5% in February 2025, defying expectations for post-pandemic growth. The knock-on effects are not negligible: foreign spending accounted for US$215 billion in 2024, equivalent to about 0.7% of the United States’ GDP. A 10% decline in foreigners would trim less than 0.1% from GDP growth, but the repercussions would be deeply felt in tourism and education, with international visitors representing 6% of tourism demand and over 10% for hotels and restaurants. Asian tourists, who made up a hefty 40% of US foreign travel spending in 2023, are especially sensitive to changes in the US dollar’s value.
For Thailand, these global shifts present both opportunities and risks. With Japan, China, South Korea, and Singapore emerging as dominant players for regional tourists, competition for intra-Asian travelers has intensified. However, Thailand’s enduring reputation as a value-driven and culturally rich destination keeps it well-positioned to attract Asian holidaymakers seeking both affordability and rich experiences. Indeed, the Mastercard report specifically notes that bookings to Thailand have risen the most among Middle Eastern travelers this summer—a crucial insight for local tourism marketing strategists.
Understanding and adapting to these macro-trends is vital for various sectors of the Thai economy. According to a senior official at the Tourism Authority of Thailand, there is renewed urgency to innovate, diversify tourism products, and strengthen regional connectivity in light of these findings. “We must be proactive in targeting source markets that are most likely to respond to currency movements, while differentiating Thailand with signature experiences—be they culinary, heritage, or eco-tourism,” the official explained.
The travel industry’s outlook is further complicated by external factors such as geopolitical tensions, visa liberalisation policies, and environmental issues. For instance, the rise of sustainable travel is likely to influence future demand, particularly as Asian millennials and Gen Z travelers, including Thais, show increasing preference for eco-friendly accommodations and community-based tourism. Moreover, recent fluctuations in Thai baht offer price-sensitive travelers (especially from China and Malaysia) compelling reasons to prioritize Thailand over competing destinations.
Historically, Thailand has punched above its weight in international tourism, ranking among the world’s most-visited countries through a blend of natural beauty, warm hospitality, and affordability (Wikipedia). Post-pandemic, the sector’s shortfalls underscored the dangers of over-reliance on a handful of source markets. The current recalibration among global travelers presents a unique chance for Thailand to deepen resilience, partly by attracting a more diverse mix of visitors and catering to evolving regional preferences.
With regional tourism set for further expansion and with intra-Asian connectivity improving, Thailand stands to benefit if it can adapt to travelers’ heightened sensitivity to value and experience. “Thailand’s edge lies in its versatility: from islands like Phuket to historical cities such as Chiang Mai, to culinary street scenes in Bangkok, we can tailor experiences for every segment,” observed a prominent travel industry analyst. “But with places like Tokyo, Osaka, and Nha Trang climbing the charts, we must work harder to protect our share.”
Looking ahead, experts anticipate new trends will shape the next travel cycles. Predictive analysis by consulting firms suggests that digital nomad visas, wellness tourism, and niche cultural festivals will increasingly define traveler choices across Asia, Thailand included. The government’s recent moves to ease visa processes for key markets, invest in airport modernization, and broaden the focus from traditional hotspots to lesser-known provinces are proactive steps that may safeguard the country’s competitiveness.
For Thai readers planning their own summer getaways, the surge in intra-Asian tourism provides fresh inspiration and greater flight options, but also means more crowded airports and potentially higher costs in Asia’s top cities. Travel experts recommend booking flights early, monitoring exchange rates, and considering emerging destinations within Asia—such as Vietnam’s Nha Trang, which combines affordability with uncrowded beaches. Meanwhile, those working in the Thai tourism sector should leverage these findings to design innovative packages, cater to value-driven travelers, and tap into Middle Eastern and regional demand.
In sum, Asia’s commanding presence in 2025’s travel trends offers crucial lessons for policymakers, tourism operators, and holidaymakers alike. For Thailand to retain its crown as a premier destination, staying agile and attuned to shifting global travel currents—currency values, economic forces, and the quest for authentic experience—will be key to thriving in the years ahead.