Market Trends of Thailand Luxury Goods Industry
This section covers the major market trends shaping the Thailand Luxury Goods Market according to our research experts:
Growing Influence of Social Media on Buying Decisions
Nowadays, social networks have become an integral part of everyday life. Facebook, TikTok, Instagram, Snapchat, Twitter, and Pinterest among others continue to engage users with relatable content, making them spend hours scrolling through their feeds. To gain traction and reach out to a larger customer base luxury goods manufacturers also use social media to launch their products. For instance, in 2020, a global brand such as Burberry, Chanel, Cartier, Dior, Gucci, Lacoste, Louis Vuitton, Swarovski, Tiffany & Co., etc. have launched their LINE Official Account LINE is an instant messaging and call application that is one of the leading social media platforms in Thailand and leveraged the platform to communicate their brand story, to close sales and to create the brand and product awareness of their luxury good. According to International Trade Administration, the Internet is playing a crucial role for Thai consumers of luxury products, in the year 2021, Thai people use social media and mobile apps to research new products before making purchases. Thai shoppers are already high on the list of consumers who purchase directly through the internet, with 36.60 million purchasing consumer goods via the internet. Most consumers in Thailand read reviews on forums or social media to evaluate a product before purchasing. Social media helps consumers to make aware of recent trends in luxury goods which helps to boost the market.
Clothing Segment to Dominate Owing to Rapidly Changing Fashion Trends
The clothing segment is expected to hold a major share owing to its increasing demand from both men and women consumers along with rapidly changing fashion trends. However, this segment is expected to grow rapidly because of the increasing demand, specifically for luxury products. Now, the industry has an important contributing role to the country's economy, accounting for approximately 17 percent of total GDP. It has the far most central sector in the fashion industry. The average pay for men and women across the country is also one of the prominent factors leading to spending more on luxury apparel. Aside from an increase in purchasing power, Thai consumers are also becoming more sophisticated in terms of their tastes in luxury goods. Knee-length boots, cheques and stripes, pearls and beads, and more - here are some of the fashion trends to explore in Thailand being one of the most attractive tourist destinations always attracts millions of travelers from across the world. Moreover, the fashion industry is already buzzing with iconic collaborations, like Balenciaga-Gucci, Dior-Sacai, and Supreme-Tiffany and Co, merging luxury with casual styles to create something unique for everyone. Moreover, Pinterest shares that people have been taking extra notice of loungewear. Searches for 'lounge lingerie' have increased manifold, hinting at a major fashion trend for 2022 which is expected to boost the segment.
