The consumer market is driven by two main factors: the availability of a particular product and its demand. Due to movement in the direction of a more liberal market economy in Thailand, global brands from the luxury and FMCG categories have made a beeline for the Thai consumer market over the past decade.
Take the example of CHANEL — a world renowned luxury brand. According to numbers generated by the Nielson Group, visionaries in international market research, CHANEL came in fifth on the list of top global brands in Thailand in the year 2017 (thus far). This is in stark contrast to the performance of CHANEL in markets such as Indonesia and the Philippines, where it ranked forty sixth and forty third, respectively, for the same period.
The continuous rise in demand for global brands in Thailand can be attributed to the following:
- Luxury online platform: iTS COOLER has afforded both locals and expatriates in Thailand the freedom to purchase global luxury brands from the comfort of their homes. The ability to make secure online payments in the local currency, live support offered in Thai and English, direct contact with the brands, an interactive lifestyle blog, free delivery throughout Thailand, and many other advantages, have stripped down traditional retail barriers and given Thais unprecedented access to global luxury brands.
- Growth of middle-income class: The constituent consumers of this socioeconomic group have increasingly sought products with an emphasis on the level of service, quality and convenience, over traditionally important factors such as price. Growth has been witnessed, especially in the demand for lifestyle products and services, due to the increase in spending power of this group.
- Status symbols: The use of global luxury brands is indicative of the Thai consumer’s status in society, perceived wealth, and the potential for upward social mobility to join the future. The global brands they choose have a large role in asserting their social identity. And so the demand for global brands is on the rise as more people want to be associated with an affluent, trendy and high-class lifestyle.
iTS COOLER takes into consideration the needs and aspirations of consumers from Thailand and the ASEAN region when fine tuning its high-end, online retail experience!