In 2023, luxury goods in Thailand continued to see an impressive recovery from the declines it recorded during the pandemic. This resurgence can be attributed to both the increase in spending among local consumers as well as the return of international visitors.
Despite headwinds resulting from increased prices, supply chain issues, higher living costs and the war in Ukraine, the market recorded positive sales growth in the last year of the review period. Events during the pandemic had a significant impact on luxury goods, meaning people found it hard to travel due to lockdowns, they could not shop in all physical stores and they were unable to spend money on holiday.
International brands continued to dominate the luxury goods market in Thailand in 2022. While brands continue to focus on core product lines, many are making an effort to extend their product lines to cover lifestyle products and home-use items – for example, the Louis Monogram Series mug and phone case and the Hermès Home and Outdoor collection phone case and power bank.
Store-based retailing continues to retain its importance in the luxury goods market in Thailand, with many consumers continuing to prefer to experience products first hand before making a purchase because of their aesthetic qualities and high prices.
The future for luxury goods looks bright, with pent-up demand post-pandemic likely to see consumers increasingly buying high-end luxury goods during the forecast period. In addition, the recovery of the tourism industry is expected to have a positive impact across most areas of the luxury goods market in Thailand over the forecast period.
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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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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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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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