A Feasibility Study of Thai Spa Business to Support Wellness Tourism in Chiang Mai

Abstract

This article aimed to study the financial feasibility of Thai spa business to support Wellness tourism after the Covid-19 period in Chiang Mai, by conducting a survey and collecting questionnaires from consumers and entrepreneurs, the consumer sample consisted of 400 Thai and foreign tourists. Statistics used for data analysis were frequency and percentage distributions. The entrepreneurial sample group interviewing 4 small spa business operators and analyzing the cost-benefit, the duration of the project is 10 years, with the investment value indicators, namely Net Present Value (NPV), and Internal rate of return. (IRR) and cost-return ratio (B/C ratio). The result of the study found that in terms of consumers, it was found that Thai tourists and foreign tourists using most spa services are female, aged around 25-34 years old. The Frequency of using the service is 1-2 times per trip and were satisfied with the services provided in the spa business at the highest level. The tourists who use the spa service this time have an opinion that they will come back to use the service again in the future. As for entrepreneurs, it was found that businesses have the potential to cope with the epidemic situation. However, the small Wellness spa business is suitable for investment with NPV equal to 24,786,992 baht, IRR equal to 82.93%, and B/C ratio equal to 2.40.