LONDON--(BUSINESS WIRE)--The retail market in Thailand is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increase in tourist arrivals will be one of the major drivers in the retail market in Thailand. The influx of tourists in Thailand is increasing significantly and the largest contribution 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, along with the availability of luxury hotels and numerous recreational activities attract tourists to Thailand. Retailers in the country benefit from the high tourist expenditure on retail goods. 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.
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As per Technavio, the surge in sales through online distribution channels, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Retail Market in Thailand: Surge in Sales Through Online Distribution Channel
The surge in sales through online distribution channels will be one of the critical trends in the retail market of Thailand. Online distribution channels boost the sale of retail products and helps retailers to earn maximum profit. Both established and private retailers are selling their products through online shopping portals. Also, retailers are leveraging factors such as the significant increase in internet and smartphone penetration to offer their products online. Furthermore, consumers are choosing online shopping as a time-saving platform, especially for day-to-day FMCG needs. Several factors such as the rapidly expanding population of working women, the rising number of nuclear families, and busy lifestyles encourage consumers to adopt the online mode of shopping which will boost market growth.
“Other factors such as the provision of value-added services and the influx of numerous retail stores will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Retail Market in Thailand: Segmentation Analysis
This market research report segments the retail market in Thailand by product (grocery, apparel and footwear, BPC, home and garden, personal accessories, and consumer electronics) and distribution channel (offline and online).
The grocery segment led the market share in 2018, followed by apparel and footwear, BPC, home and garden, and others respectively. During the forecast period, the grocery segment is expected to maintain its dominance over the global market. This is due to the expansion of product portfolios by various leading domestic and international retailers to cater to growing needs of consumers.
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 ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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