The incomes of many Thai people remained under some pressure during 2021, a direct consequence of the COVID-19 pandemic and the interruption caused to commercial activity in key sectors of the Thai economy during 2020. As a result, demand for watches remained under pressure in 2021, with more expensive categories and brands facing the most challenging scenarios.
The COVID-19 pandemic led to a dramatic shift in the way in which Thai people shop for a wide range of goods and services. Specifically, concerns over the risk of coming into contact with the COVID-19 virus that would flow from going shopping in crowded shopping centres and stores have motivated many people to stay home, wherever possible, with e-commerce becoming a more important source of watches as a result.
While the shift towards e-commerce generally is an unavoidable trend with the potential to have a strong influence on how watches are bought and sold in Thailand, the reality is that the in-store experience remains central to the retail distribution of watches, especially those in the mid-priced and high-priced categories. Thus, the improvement seen in the COVID-19 situation during 2021 and the perception that there is now some light at the end of the tunnel with regards to the spread of the COVID-19 virus being brought under control, many of the leading brands of watches are now looking to open new stores in order to capture demand.
With the household incomes of many Thai people under pressure due to the medium-term economic impact of the COVID-19 pandemic, many people have developed creative solutions to their slightly reduced circumstances. This has led to increasing consumer interest in second-hand watches.
The forecast period is expected to see Thailand become an increasingly important economic hub in the ASEAN region as the favourable business environment and various other beneficial factors continue to attract investment, resulting in economic development, higher incomes and a generally more favourable scenario for sales of mid and high watches in particular. This can be expected to motivate the leading brands in these categories to pay more attention to promotional activity.
During the forecast period, innovation is expected to remain a major feature of watches in Thailand. As consumer demand begins to rise again, brands can be expected to launch new models to attract the interest of consumers and cash in on rising demand.
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Understand the latest market trends and future growth opportunities for the Watches industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Watches research and analysis database.
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