Luxury goods in 2024: The big picture
Value sales of luxury goods in Thailand are growing steadily, driven by both local demand and the stronger return of international tourists. Bangkok is a particularly popular destination for personal luxury, as it is a hub for luxury shopping centres such as IconSiam, Siam Paragon, Central Chidlom and Gaysorn Plaza.
2024 key trends
In value sales growth terms, personal luxury is the strongest performer in 2024 within overall luxury goods, supported by categories such as super premium beauty and personal care. This category offers the most accessible and affordable luxury items in Thailand, and is most likely to be top of mind for many local consumers as the first step into purchasing personal luxury.
Competitive landscape
The competitive landscape of luxury goods in Thailand continued to be led by players in premium and luxury cars in 2023, given the high value of these items. BMW Mfg (Thailand) Co Ltd gained overall leadership in 2023 from Mercedes-Benz (Thailand) Ltd, with the player making considerable efforts to expand its portfolio of fully electric cars with six new models.
Retailing developments
Store-based retail (including leisure and personal goods specialists and department stores) continues to retain its importance for the distribution of personal luxury in Thailand, as consumers appreciate being able to talk to sales staff and seek out advice and product information. Such outlets have the space to display a range of products and high-end brands.
What next for luxury goods?
The outlook for luxury goods in Thailand is extremely positive over the forecast period, with demand set to be supported by a wealthy segment of local consumers and affluent inbound tourists. There is healthy potential due to the ongoing development of luxurious retail spaces, mainly in Bangkok, as well as promising expansion opportunities to Phuket.
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Overview:
Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
If you're in the Luxury Goods industry in Thailand, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Luxury Goods in Thailand report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Luxury Goods in Thailand?
- Which are the leading brands in Luxury Goods in Thailand?
- How are products distributed in Luxury Goods in Thailand?
- How important is tourism in evaluating demand for Luxury Goods in Thailand?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in Thailand
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in Thailand
KEY DATA FINDINGS
Value growth stabilises following post-pandemic surge in revenge spending
Rising number of luxury hotels to cater for growing demand
Sustainability efforts increasingly adopted by luxury hotels
Outlook for experiential luxury in Thailand is promising
Luxury hotels set to continue driving experiential luxury over the forecast period
Experience-driven luxury could be a key to success
Fine Wines/Champagne and Spirits in Thailand
KEY DATA FINDINGS
Urbanisation and familiarity of premium alcohol support demand in local market
Premiumisation is evident in both foodservice and retail
Rise in health-conscious drinking supported by marketing campaigns
Positive performance predicted for fine wines/champagne and spirits
Localisation is a long-term strategy for leading players
Sustainability to increasingly feature as part of leading players’ strategies
Premium and Luxury Cars in Thailand
KEY DATA FINDINGS
Mixed trends within premium and luxury cars in 2024
Rising interest in sustainable transportation through EV and hybrid cars in luxury tier
Mercedes-Benz loses category leadership to BMW Mfg
Positive outlook but category likely to be driven by niche segment of affluent consumers
Launch of new models could be key success factor for premium and luxury cars
Market development could move towards customer-centric strategies
Personal Luxury in Thailand
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear)
Luxury eyewear
Luxury jewellery
Luxury leather goods
Luxury wearables
Luxury timepieces
Luxury writing instruments and stationery
Super premium beauty and personal care
Significant developments in retail landscape expected to support sales of personal luxury in Thailand over forecast period
E-commerce to become increasingly popular channel for personal luxury
Brands’ long-term strategies to include sustainability and ethical luxury
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Luxury Goods research and analysis database.
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