E-commerce, Medical, Beauty Sectors To Flourish In 2022
The ongoing pandemic and resulting change in consumer behavior are seen to sustain the growth of the medical services, beauty, and e-commerce sectors in Thailand this 2022, according to Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC). The expansion in these sectors will be driven by the younger demographic’s demand for fast services and desire to look youthful and healthy.
He added that the Covid-19 crisis has moved Thai consumers to be more health- and safety-conscious during the quarantine measures, resulting in more online banking and shopping. On the other hand, the growth in the beauty industry was fuelled by the popularity of Korean TV soap dramas, social media, and the increase in the elderly demographic, he said.
Other sectors that are also expected to expand are online platforms, logistics services, delivery and warehousing, fintech and e-payment services, life and non-life insurance, and medical supplies and equipment.
Meanwhile, the pet supplies business also looks promising as more Thais delay marriage and having children, and instead opt for pets, Thanavath said. Environmental concerns will impact packaging, modern trade, and modern retail store sectors, while exports of electronics, and more technologically advanced parts and automobiles, entertainment, and tourism are predicted to expand.
Sectors projected to decline are basic phone and fax machine manufacturing, tannery, low-quality handicrafts, printed publications and distribution, and printing companies.