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What YGCC is Reading #534
Why Global Brands Are Betting on Thailand
Luxury brands such as Dior, Louis Vuitton, and Porsche are increasingly focusing on Thailand as a key market amid declining sales in China. In 2024, Thailand accounted for 11 of 26 new luxury store openings in Southeast Asia, according to Luxurynsight. Tourist arrivals surged to 35.5 million in 2024, with a projected record of 40 million in 2025. Wealthy visitors from Southeast Asia, India, and the Middle East have boosted spending in Bangkok, where luxury malls, restaurants, and hotels are thriving. Dior’s Gold House and Louis Vuitton's LV The Place Bangkok exemplify the city’s growing prominence in the luxury sector. However, challenges like high household debt (89% of GDP), slow economic growth, and political instability remain risks. Despite these concerns, the region experienced 124% growth in luxury store openings in 2024, outpacing China and Japan, positioning Thailand as a rising luxury hub for affluent consumers and global brands alike.
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How does the growing luxury demand in Thailand compare to other emerging markets in Southeast Asia?
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What additional amenities or experiences could enhance customer satisfaction in Thailand's luxury sector?
Read more from Bloomberg here.
Photo adapted from Bloomberg.