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.
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.
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.
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.
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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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.
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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 DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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