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As with other categories within Thailand’s luxury goods market, foreign residents and tourists make a huge contribution to overall consumption of fine wines/champagne and spirits. This meant that the closure of Thailand’s borders to foreigners in response to the COVID-19 pandemic during 2020 had a huge negative impact on sales in the category.
With sales of fine wines/champagne and spirits already under pressure due to the absence of foreign tourists from Thailand in 2020, the category faced further difficulties during the year due to the restrictions that were placed on the ability of on-trade venues to operate at the peak of the COVID-19 pandemic. A high proportion of sales of fine wines/champagne and spirits are accounted for by the on-trade and the government-mandated shutdown of Thailand’s entire hospitality industry for an extended period during the quarantine lockdown at the peak of the COVID-19 pandemic thus placed substantial pressure on category sales.
The drop in sales via pubs, bars, restaurants and other high-risk venues that were allowed to reopen during the fifth phase of the relaxation of lockdown measures was reflected in an easing of the pressure on demand on the retail channel as consumption shifted to the off-trade. Whether socialising outside of the home band during the lockdown.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Fine Wines/Champagne and Spirits industry in Thailand with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Fine Wines/Champagne and Spirits industry in Thailand, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.