Thailand Travel Retail Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Thailand Travel Retail Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Thailand is one of the economically most influential countries in South Asia. For decades, Thailand has been an important country for travel, both tourism, and trade. Thailand is a strategic and exciting market with great beauty awareness and spending power. There is an increase in the standards of living of the people, owing to higher disposable incomes, and improvement in lifestyle. The continuous increase in tourist arrivals is one of the key factors expected to trigger the Thailand travel retail industry market growth in the forthcoming years. The King Power International Group is a Thai travel retail group, based in Bangkok. King Power International is one of the world’s leading duty-free and travel retailers. It offers an outstanding range of international brands at highly attractive prices. It offers high-class services to Chinese and other international consumers.

The COVID-19 pandemic had a major impact on the Thailand travel retail market particularly in the second quarter of 2020 during which the government imposed a lockdown over March-May. Thailand has imposed massive restrictions on visitor arrivals to stem coronavirus. Some 40 million tourists were expected to arrive in 2020, but only 6.7 million managed to enter the kingdom. However, with expected relaxations in travel restrictions, the market can expect a steady increase in travel retail sales during the forecast period.

Key Market TrendsGrowth of the Tourism Industry in Thailand is Driving the Market

The growing attractiveness of the tourism industry is the prime factor driving the growth of the travel retail market in Thailand. Factors such as the presence of numerous tourism destinations, pleasant weather conditions, and the availability of several luxury hotels coupled with numerous recreational activities have attracted tourists from all over the world. The increasing influx of tourists is expected to play a crucial role in the development of the travel retail market in Thailand. Growth in travel and tourism has increased the demand for apparel, fashion, food items, electronics, and wines and spirits category. There has been a rise in the demand for beauty and personal care products by travelers at the airport facility.

Increase in Urban Population in Thailand

The urban population comprises nearly half of the total population in Thailand. The presence of a large young urban population is expected to augment the demand for travel retail sales of products, such as beauty, fashion, and personal care. An increase in urbanization and changes in lifestyle are expected to create lucrative opportunities in the market in the future. The leading vendors are developing consumer-focused businesses especially for this end-user segment to boost their travel retail industry size over the next few years. With the surge in middle-class median income, their expenditure trend, traveling mode, and demand for premium brands will also rise, thereby, fueling the travel retail sales across the industry. The rapid development and urbanization will augment the development of infrastructure and offer access to better amenities in the market.

Competitive Landscape

The report covers major international players operating in the Thailand travel retail industry. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
King Power
The Shilla Duty Free
Jaidee Duty Free
SIAM Gems Group
Paradise Duty Free
Leon Duty Free

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