Luxury Goods in Thailand

Luxury Goods in Thailand
Euromonitor International
January 2021

List OF CONTENTS AND TABLES

EXECUTIVE SUMMARY
COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?
MARKET INDICATORS
Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020
MARKET DATA
Table 2 Sales of Luxury Goods by Category: Value 2015-2020
Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020
Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020
Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019
Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019
Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020
Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025
Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025
DISCLAIMER
GLOBAL MACROECONOMIC ENVIRONMENT
GLOBAL INDUSTRY ENVIRONMENT
SOURCES
Summary 1 Research Sources
KEY DATA FINDINGS
2020 IMPACT
Huge sales declines registered as absence of foreign tourists hits luxury hotels
Luxury hotels turn to foodservice delivery to continue trading despite COVID-19
Timetable for the resolution of the current unfavourable situation still unclear
RECOVERY AND OPPORTUNITIES
Thailand gears up for a robust recovery from the COVID-19 situation
Luxury retailing and luxury hotels set to benefit from resumption of tourism activity
Luxury medical tourism poised to emerge very strongly
CATEGORY DATA
Table 10 Sales of Experiential Luxury by Category: Value 2015-2020
Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020
Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019
Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019
Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025
Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Absence of foreign tourists hits luxury hotels hard
Suppressed demand among affluent locals rubs salt into the wounds of luxury hotels
Faced with falling demand, luxury hotels increasingly focus on digital platforms
RECOVERY AND OPPORTUNITIES
Strong recovery for inbound tourism expected to boost the fortunes of luxury hotels
Diversification likely to be a key element in the recovery of luxury hotels
Government support likely prove crucial to the recovery of luxury hotels
CATEGORY DATA
Table 16 Sales in Luxury Hotels: Value 2015-2020
Table 17 Sales in Luxury Hotels: % Value Growth 2015-2020
Table 18 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020
Table 19 NBO Company Shares in Luxury Hotels: % Value 2015-2019
Table 20 LBN Brand Shares in Luxury Hotels: % Value 2016-2019
Table 21 Forecast Sales in Luxury Hotels: Value 2020-2025
Table 22 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Absence of foreign tourists diminishes demand for fine wines/champagne and spirits
The lockdown and social distancing place further pressure on category sales
Shift towards the off-trade supports sales growth and reduces impact of COVID-19
RECOVERY AND OPPORTUNITIES
Eventual opening of borders and return of foreign tourists to underpin sales recovery
Shift towards e-commerce likely to become a long-term sales trend
Sponsorship of exclusive events to become more important for brand marketing
CATEGORY DATA
Table 23 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020
Table 24 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020
Table 25 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019
Table 26 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019
Table 27 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020
Table 28 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025
Table 29 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Lockdown and delay of major car shows suppress sales of premium and luxury cars
Online marketing and personalised service emerge in response to social distancing
US-China trade war boosts demand for luxury car exports from Thailand to China
RECOVERY AND OPPORTUNITIES
Government and car manufacturers continue supporting rising electric vehicle usage
Innovation and new design set to continue attracting high-end consumers
Excise tax reductions expected to support demand for cars post-COVID-19
CATEGORY DATA
Table 30 Sales of Premium and Luxury Cars: Value 2015-2020
Table 31 Sales of Premium and Luxury Cars: % Value Growth 2015-2020
Table 32 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019
Table 33 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019
Table 34 Forecast Sales of Premium and Luxury Cars: Value 2020-2025
Table 35 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Major category players increase prices to compensate for declining revenues
Marketing and sales for personal luxury head online
The adverse and uncertain economic environment places pressure on demand
RECOVERY AND OPPORTUNITIES
Bundling promotions expected as brands look to widen their appeal
Online marketing and e-commerce are likely to be here to stay
Preference for experiences over products among millennials to present challenges
CATEGORY DATA
Table 36 Sales of Personal Luxury by Category: Value 2015-2020
Table 37 Sales of Personal Luxury by Category: % Value Growth 2015-2020
Table 38 NBO Company Shares of Personal Luxury: % Value 2015-2019
Table 39 LBN Brand Shares of Personal Luxury: % Value 2016-2019
Table 40 Distribution of Personal Luxury by Format: % Value 2015-2020
Table 41 Forecast Sales of Personal Luxury by Category: Value 2020-2025
Table 42 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Quarantine lockdown and reluctance to go shopping undermine category sales
Absence of outdoor advertising and in-store marketing and sales opportunities leads brands online
Collaborations emerge between designer apparel and footwear brands and retailers
RECOVERY AND OPPORTUNITIES
The return of store-based retailing set to provide a major spur on sales growth
New collections to remain an essential aspect of success in the category
A further shift towards athleisure expected to be seen during the forecast period
CATEGORY DATA
Table 43 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020
Table 44 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020
Table 45 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019
Table 46 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019
Table 47 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020
Table 48 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025
Table 49 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Demand for luxury sunglasses dips as consumers spend less time outdoors
Category players turn to price discounts to stimulate flagging demand
Social media emerges as a gateway for online sales of luxury eyewear
RECOVERY AND OPPORTUNITIES
Return to pre-COVID-19 social activity likely to boost demand for luxury eyewear
The increasing status of eyewear as lifestyle accessories set to boost category sales
Gifting set to become an increasingly important source of luxury eyewear sales
CATEGORY DATA
Table 50 Sales of Luxury Eyewear by Category: Value 2015-2020
Table 51 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020
Table 52 NBO Company Shares of Luxury Eyewear: % Value 2015-2019
Table 53 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019
Table 54 Distribution of Luxury Eyewear by Format: % Value 2015-2020
Table 55 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025
Table 56 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
The COVID-19 pandemic places pressure on the retail distribution of luxury jewellery
No major stock shortages or interruptions to the supply of luxury jewellery are seen
Purchases of luxury jewellery tied to brand privileges as a way of boosting demand
RECOVERY AND OPPORTUNITIES
Sales expected to shift towards e-commerce despite challenges
Price promotions and sales events likely to emerge strongly to spur sales
Social media expected to become increasingly crucial for sales and marketing
CATEGORY DATA
Table 57 Sales of Luxury Jewellery by Category: Value 2015-2020
Table 58 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020
Table 59 NBO Company Shares of Luxury Jewellery: % Value 2015-2019
Table 60 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019
Table 61 Distribution of Luxury Jewellery by Format: % Value 2015-2020
Table 62 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025
Table 63 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
The decline in outbound travel mitigates sales declines in luxury leather goods
Online product reviews on social media and internet forums become influential
Smaller, less expensive items come to the fore as pressure comes on spending
RECOVERY AND OPPORTUNITIES
More personalisation expected to emerge from the COVID-19 situation
Sustainability to be invoked to appeal to increasingly eco-conscious consumers
Social media, celebrities and influencers all to become more important in marketing
CATEGORY DATA
Table 64 Sales of Luxury Leather Goods: Value 2015-2020
Table 65 Sales of Luxury Leather Goods: % Value Growth 2015-2020
Table 66 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019
Table 67 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019
Table 68 Distribution of Luxury Leather Goods by Format: % Value 2015-2020
Table 69 Forecast Sales of Luxury Leather Goods: Value 2020-2025
Table 70 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Minimal category sales means no discernible impact from the COVID-19 pandemic
Low sales make the category unattractive to potential category players
RECOVERY AND OPPORTUNITIES
Sales of luxury portable consumer electronics have the potential to emerge
KEY DATA FINDINGS
2020 IMPACT
Luxury timepieces declines as interruptions to imports negatively impact sales
Online marketing of luxury timepieces increases despite minimal online sales
Product reviews on social media and internet forms an important information source
RECOVERY AND OPPORTUNITIES
Strong sales recovery to be based on rising demand among younger consumers
Influence of the second-hand market likely to remain a drag on sales
Marketing campaigns likely to increasingly target younger consumers
CATEGORY DATA
Table 71 Sales of Luxury Timepieces by Category: Value 2015-2020
Table 72 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020
Table 73 NBO Company Shares of Luxury Timepieces: % Value 2015-2019
Table 74 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019
Table 75 Distribution of Luxury Timepieces by Format: % Value 2015-2020
Table 76 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025
Table 77 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Price discounts emerge as a key marketing strategy during the COVID-19 pandemic
The issue of limited edition products supports sales at a time of negative growth
Online retailing takes on a new dimension as shopping in stores declines
RECOVERY AND OPPORTUNITIES
Stationery and office supplies stores set to become a more important channel
Ecological factors set to become a more important element of marketing strategies
The widening of distribution set to spur category growth during the forecast period
CATEGORY DATA
Table 78 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020
Table 79 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020
Table 80 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019
Table 81 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019
Table 82 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020
Table 83 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025
Table 84 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Lifestyle changes due to CO is VID-19 place pressure on demand
Sales and marketing head online as store-based retailing comes under pressure
Consumers seek solutions to skin complaints caused by wearing of hygienic masks
RECOVERY AND OPPORTUNITIES
Shift towards online sales set to accelerate over the forecast period
Leading brands likely to focus on developing a strong online presence
Social media expected to emerge strongly as a vital new communication channel
CATEGORY DATA
Table 85 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020
Table 86 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020
Table 87 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019
Table 88 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019
Table 89 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020
Table 90 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025
Table 91 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025