Inflation was high in 2023 and soaring food prices hit household budgets. The local currency continued to depreciate against most foreign currencies, particularly the US dollar and Thai baht, leading to higher consumer costs.
Rampant inflation and the rapid depreciation of the local currency, kip, resulted in shifting consumer behaviour and preferences. Rising prices of all goods in the country dampened the demand for non-essential products, while the demand for more essential products suffered little impact.
Inflation rose strongly in 2022, and the rate reached an even higher level in 2023. As a result, the currency exchange rate remained weak compared to other currencies, particularly the US dollar and Thailand’s baht, leading to high consumer costs.
Since the COVID-19 pandemic, many people have put a greater focus on personal hygiene and house cleaning, which proved beneficial for some home care categories. Despite the rise in demand, retail value (constant 2023 prices) sales were hindered as high pressure on spending power limited the frequency of purchases and boosted the popularity of lower-priced essential home care products in formats like smaller pack sizes and single doses.
Distribution can be challenging in Laos, with the country's road infrastructure in need of investment. Only 27% of the total road network was paved in 2023, and travel was particularly difficult in rural areas, frequently made impassable by flooding.
Laos reopened its borders to tourists from 2022, which should improve the country’s economic performance over the forecast period. This should also help to alleviate weaknesses in the local currency and exert downward pressure on prices of home care products.
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Home Care
This is the aggregation of laundry care, dishwashing products, surface care, chlorine bleach, toilet care, polishes, air fresheners and insecticides.
See All of Our DefinitionsThis report originates from Passport, our Home Care research and analysis database.
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