Thailand: Beauty, e-commerce picked to mushroom

Medical services, beauty and e-commerce are expected to maintain their bright growth outlook in 2022, driven by the persistent pandemic and changing consumer behaviour based on a digital economy.

Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC), said the virus crisis has driven consumers in Thailand to be concerned more about their health and stay home during the government’s lockdown and curfew measures. This behaviour led to more online banking and shopping, he said.

The popularity of Korean TV series, the proliferation of social media, and the growing number of elderly people have also driven people to be concerned about their beauty, said Mr Thanavath.

The university identified medical services, beauty and e-commerce as the top business sectors with the brightest prospects, followed by online platforms, logistics services, delivery and warehousing, fintech and e-payment services.

Insurance, both life and non-life, medical supplies and medical equipment are also tipped as businesses with promising outlooks for the year to come.

“The young generations are expected to play a greater role in driving the business sector next year,” he said.

“They want fast, real-time and convenient services, while demand for health and beauty is expected to surge after the economy recovers next year.”

Mr Thanavath said the prospects for businesses involving pets are also promising as Thais are opting to have marriages later in life, while some couples are not planning to have children.

This trend should lead to higher demand for pet food and care for animals, he said.

Mr Thanavath said environmental concerns are also driving the packaging, modern trade and modern retail store sectors.

Next year, the economic recovery is expected to increase exports of electronics, parts and automobiles that use new technology, he said, while consumers are expected to demand more from entertainment and tourism.

Sectors picked to fade are basic phone and fax machine manufacturing; tannery; handicrafts without designs or at cheap prices; printing/journals; print media distribution, both for home and office delivery; and printing houses.

Source: https://www.bangkokpost.com/business/2233187/beauty-e-commerce-picked-to-mushroom