Market Trends of Thailand Travel Retail Industry
Growth 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 worldwide.
- 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.
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Increase in Urban Population is Driving the Market
- 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 lifestyle changes are expected to create lucrative opportunities in the market.
- 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, fueling travel retail sales across the industry. Rapid development and urbanization will augment infrastructure development and offer access to better amenities in the market.
