Table of Content

Luxury Goods in Thailand
Euromonitor International
December 2021

List Of Contents And Tables

LUXURY GOODS IN THAILAND
EXECUTIVE SUMMARY
Luxury goods in 2021: The big picture
2021 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
MARKET DATA
Table 1 Sales of Luxury Goods by Category: Value 2016-2021
Table 2 Sales of Luxury Goods by Category: % Value Growth 2016-2021
Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2016-2021
Table 4 NBO Company Shares of Luxury Goods: % Value 2016-2020
Table 5 LBN Brand Shares of Luxury Goods: % Value 2017-2020
Table 6 Distribution of Luxury Goods by Format and Category: % Value 2021
Table 7 Forecast Sales of Luxury Goods by Category: Value 2021-2026
Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2021-2026
DISCLAIMER
SOURCES
Summary 1 Research Sources
EXPERIENTIAL LUXURY IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Experiential luxury characterised by luxury hotels in Thailand suffers from the decimation in international tourism while luxury foodservice remains nascent
Maison Kitsun?’s first flagship luxury caf? arrives in Thailand
Luxury hotels move into home deliveries and partner with third-parties while Rosewood Bangkok launches its “On the Move” initiative to supply food to those on the COVID-19 front line
PROSPECTS AND OPPORTUNITIES
Huge scope for experiential luxury over the forecast period but only once borders reopen and the pandemic recedes around the globe
Luxury hotels enter business alliances outside the industry to enhance staycation offers
More promotions and co-operations likely as luxury hotels endeavour to stay afloat with those that do benefiting heavily from a wider return to normality
CATEGORY DATA
Table 9 Sales of Experiential Luxury by Category: Value 2016-2021
Table 10 Sales of Experiential Luxury by Category: % Value Growth 2016-2021
Table 11 NBO Company Shares of Experiential Luxury: % Value 2016-2020
Table 12 LBN Brand Shares of Experiential Luxury: % Value 2017-2020
Table 13 Forecast Sales of Experiential Luxury by Category: Value 2021-2026
Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2021-2026
LUXURY HOTELS IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
The absence of foreign tourists hits luxury hotels hard in 2020 with only a small rebound in 2021 as visitor numbers remain low
Faced with falling demand, luxury hotels increasingly focus on digital platforms
Luxury hotels unable to attract domestic tourists accommodate those having to quarantine while others are turned into hospitals or have to close temporarily
PROSPECTS AND OPPORTUNITIES
Luxury hotels widen the diversification of their services
Industry dependent on the reopening of the country’s borders and the arrival of wealthy international tourists once more
Redirection towards medical tourism in Phuket helps rebuild the province’s economy
CATEGORY DATA
Table 15 Sales in Luxury Hotels: Value 2016-2021
Table 16 Sales in Luxury Hotels: % Value Growth 2016-2021
Table 17 NBO Company Shares in Luxury Hotels: % Value 2016-2020
Table 18 LBN Brand Shares in Luxury Hotels: % Value 2017-2020
Table 19 Forecast Sales in Luxury Hotels: Value 2021-2026
Table 20 Forecast Sales in Luxury Hotels: % Value Growth 2021-2026
FINE WINES/CHAMPAGNE AND SPIRITS IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Fine wines/champagne and spirits remains under considerable pressure in 2021 from government bans on online sales and in restaurants
Government bans stimulate switch to home consumption in 2020 and 2021 which help mitigate some of the losses of category sales
The philanthropic and community initiatives of industry players provide assistance and support in trying times
PROSPECTS AND OPPORTUNITIES
Category sales heavily dependent on the reopening of the country’s borders to international tourists and a lifting of government bans on the sale of alcohol
Resurgence in sponsorship of exclusive events becomes important once more in brand marketing
New product developments help stimulate the category and create momentum over the forecast period
CATEGORY DATA
Table 21 Sales of Fine Wines/Champagne and Spirits by Category: Value 2016-2021
Table 22 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2016-2021
Table 23 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2016-2020
Table 24 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2017-2020
Table 25 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2016-2021
Table 26 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2021-2026
Table 27 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2021-2026
PREMIUM AND LUXURY CARS IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Strong sales growth of the leading players in premium and luxury cars in 2021
Online sales, marketing and community support programmes gather momentum
Bangkok International Motor Show returns in 2021 after being cancelled in 2020
PROSPECTS AND OPPORTUNITIES
New models stimulate consumer interest over the forecast period as consumers release pent-up demand
Growing employment of omnichannel strategies over the forecast period
Growth in electric vehicles thanks to tax incentives and widening ranges available in dealerships
CATEGORY DATA
Table 28 Sales of Premium and Luxury Cars: Value 2016-2021
Table 29 Sales of Premium and Luxury Cars: % Value Growth 2016-2021
Table 30 NBO Company Shares of Premium and Luxury Cars: % Value 2016-2020
Table 31 LBN Brand Shares of Premium and Luxury Cars: % Value 2017-2020
Table 32 Forecast Sales of Premium and Luxury Cars: Value 2021-2026
Table 33 Forecast Sales of Premium and Luxury Cars: % Value Growth 2021-2026
PERSONAL LUXURY IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Industry players raise prices while consumers transfer their spending from other personal luxury categories towards super premium beauty and personal care
E-commerce, internet marketing and communication grow in importance for personal luxury
Despite the negative impact on the country’s economy and consumer spending, border closures and tax incentives force consumers to shop for personal luxury in country
PROSPECTS AND OPPORTUNITIES
Industry players respond to the lifting of international travel bans by engaging in bundling promotions
Growing trend towards pop-up stores as players endeavour to reduce their operational costs while there is also a growing focus on exclusive special events
Demand for experiential luxury presents challenges to personal luxury sales
CATEGORY DATA
Table 34 Sales of Personal Luxury by Category: Value 2016-2021
Table 35 Sales of Personal Luxury by Category: % Value Growth 2016-2021
Table 36 NBO Company Shares of Personal Luxury: % Value 2016-2020
Table 37 LBN Brand Shares of Personal Luxury: % Value 2017-2020
Table 38 Distribution of Personal Luxury by Format: % Value 2016-2021
Table 39 Forecast Sales of Personal Luxury by Category: Value 2021-2026
Table 40 Forecast Sales of Personal Luxury by Category: % Value Growth 2021-2026
DESIGNER APPAREL AND FOOTWEAR (READY-TO-WEAR) IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Due to the negative impact of the pandemic, industry players launch products designed for rapidly altered lifestyles with more focus on casual wear and collaborations
Brands collaborate to ensure profitability with many focusing their new launches around working from home
Ongoing move towards e-commerce while industry partnerships with fitness and music stars are also marketed online
PROSPECTS AND OPPORTUNITIES
Growth in athleisure and pop-up stores characterise the forecast period
New launches, collaborations and online marketing to stimulate international vibe two
Slow return to store-based retailing with more pop-up stores and discounting characterising the forecast period
CATEGORY DATA
Table 41 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2016-2021
Table 42 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2016-2021
Table 43 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2020
Table 44 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2017-2020
Table 45 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2016-2021
Table 46 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2021-2026
Table 47 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2021-2026
LUXURY EYEWEAR IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Contraction in demand due to a combination of the ongoing presence of the virus, border closures and limited domestic travel
Demand rises for luxury spectacle frames
Major challenges for industry players and retailers stimulate discounting, new launches and a move online
PROSPECTS AND OPPORTUNITIES
Eventual return to pre-pandemic norms once the virus recedes and restrictions are lifted
The increasing status of eyewear as lifestyle accessories boosts category sales and gifting occasions
New product developments, collaborations and more inventive use of materials seen over the forecast period
CATEGORY DATA
Table 48 Sales of Luxury Eyewear by Category: Value 2016-2021
Table 49 Sales of Luxury Eyewear by Category: % Value Growth 2016-2021
Table 50 NBO Company Shares of Luxury Eyewear: % Value 2016-2020
Table 51 LBN Brand Shares of Luxury Eyewear: % Value 2017-2020
Table 52 Distribution of Luxury Eyewear by Format: % Value 2016-2021
Table 53 Forecast Sales of Luxury Eyewear by Category: Value 2021-2026
Table 54 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2021-2026
LUXURY JEWELLERY IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Ongoing pandemic forces more industry players online
Industry players are active in discounting and community support campaigns
Prices rise for luxury fine jewellery while discounting is seen in luxury costume jewellery
PROSPECTS AND OPPORTUNITIES
Despite growth and development of e-commerce, bricks and mortar retailing remains the mainstay for luxury jewellery players
In addition to online operations, brands engage in above-the-line marketing and minimalist product design
Trend in environmental friendliness also seen in luxury jewellery
CATEGORY DATA
Table 55 Sales of Luxury Jewellery by Category: Value 2016-2021
Table 56 Sales of Luxury Jewellery by Category: % Value Growth 2016-2021
Table 57 NBO Company Shares of Luxury Jewellery: % Value 2016-2020
Table 58 LBN Brand Shares of Luxury Jewellery: % Value 2017-2020
Table 59 Distribution of Luxury Jewellery by Format: % Value 2016-2021
Table 60 Forecast Sales of Luxury Jewellery by Category: Value 2021-2026
Table 61 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2021-2026
LUXURY LEATHER GOODS IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
The “new normal” influences smaller sized product launches and products suitable for the home
Growing importance of e-commerce and online reviews characterise leather goods in 2021
Second-hand luxury leather goods gathers momentum as this avenue is the only way for some demographics to afford high-end brands
PROSPECTS AND OPPORTUNITIES
Store-based channels remain to the fore for luxury leather goods
Sustainability appeals to growing environmentally-friendly consumption
Emergence of services and aftersales care for luxury leather goods over the forecast period
CATEGORY DATA
Table 62 Sales of Luxury Leather Goods: Value 2016-2021
Table 63 Sales of Luxury Leather Goods: % Value Growth 2016-2021
Table 64 NBO Company Shares of Luxury Leather Goods: % Value 2016-2020
Table 65 LBN Brand Shares of Luxury Leather Goods: % Value 2017-2020
Table 66 Distribution of Luxury Leather Goods by Format: % Value 2016-2021
Table 67 Forecast Sales of Luxury Leather Goods: Value 2021-2026
Table 68 Forecast Sales of Luxury Leather Goods: % Value Growth 2021-2026
LUXURY PORTABLE CONSUMER ELECTRONICS IN THAILAND
2021 DEVELOPMENTS
Minimal interest in the category means COVID-19 has no discernible impact
Low sales make the category unattractive to potential category players
RECOVERY AND OPPORTUNITIES
Sales of luxury portable consumer electronics have the potential to emerge
CATEGORY DATA
Table 69 Sales of Luxury Portable Consumer Electronics by Category: Value 2016-2021
Table 70 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2016-2021
Table 71 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2016-2020
Table 72 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2017-2020
Table 73 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2016-2021
LUXURY TIMEPIECES IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
After a decline in sales in 2020, the category returns to growth in 2021 stimulated by new launches
Industry players continue to see temporary store closures in red zones in 2021 and move many of their advertising and marketing activities online
After a sole reliance on online marketing in 2020, some exhibitions of luxury timepieces take place in 2021
PROSPECTS AND OPPORTUNITIES
Strong sales recovery based on rising demand among younger consumers
New launches and marketing designed for specific target audiences such as younger demographics, women and sporty people
Store-based retailers remain predominant though omnichannel strategies increasingly in vogue with players also offering more favourable payment schemes
CATEGORY DATA
Table 74 Sales of Luxury Timepieces by Category: Value 2016-2021
Table 75 Sales of Luxury Timepieces by Category: % Value Growth 2016-2021
Table 76 NBO Company Shares of Luxury Timepieces: % Value 2016-2020
Table 77 LBN Brand Shares of Luxury Timepieces: % Value 2017-2020
Table 78 Distribution of Luxury Timepieces by Format: % Value 2016-2021
Table 79 Forecast Sales of Luxury Timepieces by Category: Value 2021-2026
Table 80 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2021-2026
LUXURY WRITING INSTRUMENTS AND STATIONERY IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
The category experiences a return to positive growth in 2021 as industry players develop and extend their retailing channels and marketing initiatives
Launch of limited editions stimulates consumer interest during the pandemic
Growing use of digital devices poses threat to luxury writing instruments and stationery
PROSPECTS AND OPPORTUNITIES
Digital disruption and competition from mass brands due to the ongoing pandemic hamper forecast period growth
Ecological factors become a more important element in marketing strategies
Widening distribution and greater use of promotions characterise the category
CATEGORY DATA
Table 81 Sales of Luxury Writing Instruments and Stationery: Value 2016-2021
Table 82 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2016-2021
Table 83 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2016-2020
Table 84 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2017-2020
Table 85 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2016-2021
Table 86 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2021-2026
Table 87 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2021-2026
SUPER PREMIUM BEAUTY AND PERSONAL CARE IN THAILAND
KEY DATA FINDINGS
2021 DEVELOPMENTS
Given the ongoing presence of the virus in the country and around the world, industry players focus on novel product launches with multiple benefits and premiumisation via product packaging
Store-based retailing remains paramount with outlets creating ambience around new product launches and engaging in free sampling
Shift towards online sales and marketing as well as discounting and promotional campaigns is prolific in 2021
PROSPECTS AND OPPORTUNITIES
A growing variety of new product developments around numerous themes maintain dynamism over the forecast period
Global brands leverage on international campaigns such as National Lipstick Day while also focusing on customised local and national campaigns
While stores remain paramount, greater consumer engagement is seen online as industry players launch online stores and virtual try-on services
CATEGORY DATA
Table 88 Sales of Super Premium Beauty and Personal Care by Category: Value 2016-2021
Table 89 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2016-2021
Table 90 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2016-2020
Table 91 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2017-2020
Table 92 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2016-2021
Table 93 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2021-2026
Table 94 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2021-2026