Retail Market in Thailand 2019-2023 | Increase in Tourist Arrivals to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 29, 2018-- analysts forecast the retail market in Thailand to grow at a CAGR of close to 7% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the retail market in Thailand for the period 2019-2023. (Graphic: Business Wire)
The surge in sales through online distribution channel is one of the major trends being witnessed in the . In recent times, sales of retail products through the online distribution channel have undergone a substantial surge. Both established and private retailers are effectively selling their products through online shopping portals. Also, retailers are leveraging factors such as the significant increase in internet and smartphone penetration in the country to offer their products online. Furthermore, consumers are choosing online shopping as a time-saving and rational platform, especially for their day-to-day FMCG needs. Factors such as the rapidly expanding population of working women, the rising number of nuclear families, and busy lifestyles discourage consumers from going to brick-and-mortar stores to fulfill their requirements. Therefore, consumers are increasingly adopting the online mode of shopping for buying FMCG and other products.
According to Technavio analysts, one of the key factors contributing to the growth of the retail market in Thailand is the increase in tourist arrivals:
Retail market in Thailand: Increase in tourist arrivals
A substantial upsurge in the influx of tourists has played an important role in the development of the retail market in Thailand. The country is one of the top tourism destinations in the world. Thailand welcomed more than 30 million tourists in 2017, an increase of more than 8% from a year earlier. The largest contribution (more than 25%) comes from China, followed by various other Asian countries, including Japan, South Korea, Australia, and India. The presence of numerous tourism destinations, pleasant weather conditions, the availability of luxury hotels and numerous recreational activities, and many other factors are attracting tourists over the years. Retailers in the country are largely benefiting from rising tourist expenditure, with each visitor spending $30 to $35 on retail goods every day. Hence, the exponential growth in the number of tourists visiting the country plays a significant role in the overall development of Thailand’s retail sector.
According to a senior analyst at Technavio for research on retail goods and services, “Along with increase in tourist arrivals, other factors boosting the growth of the retail market in Thailand are provision of value-added services, innovative packaging and marketing initiatives by prominent vendors, and rise in demand for private labels and low-cost products.”
Retail market in Thailand: Segmentation analysis
The Retail market in Thailand research report provides market segmentation by product (grocery, apparel and footwear, BPC, and home and garden), and by distribution channel (online and offline). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The grocery segment held the largest share of the market in 2018, accounting for close to 85% share, followed by the apparel and footwear, BPC, and home and garden respectively. With various leading domestic and international retailers expanding their product portfolios and retail stores to cater to growing consumer numbers, the market is expected to continue dominating as well as register the highest incremental growth, during the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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KEYWORD: ASIA PACIFIC THAILAND
INDUSTRY KEYWORD: ONLINE RETAIL RETAIL OTHER RETAIL
SOURCE: Technavio Research
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PUB: 11/29/2018 09:32 AM/DISC: 11/29/2018 09:32 AM