Thailand’s Top Luxury Shoppers
Thailand is a luxury brand paradise; home to young, well-off retail-lovers who appreciate global brands. Not only do they have income to spend on luxury buys, but they are also savvy when it comes to online shopping. An online luxury platform is made-to-measure for Thailand’s Top Luxury Shoppers, who believe that iTS COOLER to get what you want from one easy-to-use digital lifestyle platform. Welcome to upscale shopping, Thailand 2017-style.
The Digital Luxury Market
Whilst China is the ultimate luxury-buying destination globally, Thailand is a contender, worth in the region of USD1.6 billion in 2016 according to publisher of research into the luxury goods industry, Euromonitor. Also, Thailand is at the forefront, along with India, in online purchases. The Kingdom is experiencing an eCommerce golden age that is predicted to grow and evolve into a beautiful opportunity for brands. Those that are clued-up enough to understand the pace of change within Southeast Asia, that is. Part of this development is an increased appetite to shop for luxury brands online.
Thailand’s Upwardly Mobile Brand Seekers
One of the biggest socio-economic changes experienced in Thailand in recent years is the growth of a strong middle-class with a healthy disposable income. Following a baby-boom in the ‘70s and early ‘80s, there are a growing group of affluent millennials who are ambitious, brand-hungry and luxury-focused.
Thailand’s biggest age group, which in 2014 was the 30-34 bracket, are earning more than ever before too. Over 20% bring in an annual income of USD150,000+, according to digital marketing and business intelligence organization, Digital Luxury Group. Add to this the fact that the cost of living is far less than in many of Southeast Asia’s luxury hotspots and you have a cash-rich class with higher discretionary income to spend; just what luxury brands want.
Luxury Brands in Demand
Part of Thailand's growing economy and new big-spender-society are the affluent expat executives living and working in Bangkok who create a dynamic, international community; the perfect match for the fast-moving luxury goods market. Thais are traveling abroad more too, including outside of Asia, such as the US and Europe. This widens the scope of retail ‘wants’ and gives global brands a pre-digital presence.
Thailand’s shoppers like to research luxury brands online too and find out about the latest goods through their smartphones. It is a natural step for this digital brand discovery to turn into definitive purchases online.
ITS COOLER offers local and international retailers an immediate portal to reach Thai audience without any market entry costs. Visit itscooler.asia for details.