January 2, 2024
BANGKOK – E-commerce, content creators, YouTubers, product reviewers and influencers are poised for substantial growth next year, according to the University of the Thai Chamber of Commerce (UTCC).
E-commerce business gains positive sentiment from a change in consumer behaviour to reduce their spending outdoors, such as at convenience stores and shopping malls. Meanwhile, e-commerce platform offers them advantages in price.
Similar to e-commerce, the trend of online service is expected to help boost the growth of content creators, YouTubers, product reviewers and influencers, the UTCC said. Also, these businesses can be operated at a low cost.
Other anticipated high-growth businesses in 2024 include:
Medical and beauty: Healthcare and medical tourism trends help boost the growth of these businesses. The government also plans to promote Thailand as medical hub.
Advertisement and online media: These businesses will benefit from consumers who spend more time on online media. Thanks to their low operational cost, online media is expected to play an important role in commerce.
Telecommunication and internet service provider: These businesses gain from the trend of smart solutions, while the government has policies to promote digital economy and smart cities.
Social media and online entertainment: These businesses gain benefits from internet consumption in daily life, such as working, trading, education and entertainment.
Banking and financial technology (fintech): Many commercial banks have adapted themselves amid the increasing move towards a cashless society and the government’s digital cash handouts.
Cloud service and cybersecurity: These businesses gain from the growth of digital economy and the threat of cybercrimes.
Concerts, exhibitions and events organisers: The government’s policies to attract more tourists and businessmen will help boost the growth of these businesses. Those events are now scattered across other provinces instead of just the big cities.
Spirituality: Spiritual practices are among Thailand’s soft powers that could create opportunities to stimulate the economy and promote culture. Meanwhile, uncertainty over the economy and society make people cling to their spiritual beliefs.
Gems and jewellery: Gold is considered a safe asset, and the younger generations are interested to speculate on returns from this valuable metal.
Insurance: People are paying attention to safety in their lives and for their properties and are aware of financial planning. Meanwhile, rising medical treatment costs and an ageing society are driving more people to insure themselves.
Electric vehicle (EV) and its related business: These businesses were driven by people’s concerns about the environment. Meanwhile, rising fuel price, increasing EV charging stations and the government’s EV incentives raise people’s confidence on purchasing EVs.
Soft power: Thailand has a distinctive culture, history, art, music and foods, which are becoming popular among people.
Food supplement: This business gains benefit from people’s concerns about their health amid an ageing society.
Non-alcohol food and beverage business: People can now do more recreational activities after the Covid-19 pandemic.
Sugar-related business: The global demand for sugar has increased both for consumption and additives to foods and beverages.
Modern trade: The government’s digital cash handouts will help boost their income. Meanwhile, tourism recovery helps them to compete with e-commerce business.
Logistics, delivery and warehouse business: These businesses gain positive sentiment from increasing online consumption.
Loan lending and pawn shop: The government has policies to deal with informal debt, while pawn shops have applied online price evaluation for the convenience of customers.
Pet business: The trend of raising pets as members of the families is now becoming popular among people.
Nightlife entertainment business: The government policy to extend the opening hours for these businesses and the increasing number of foreign visitors to Thailand are likely to help these businesses.
E-sports and game-related business: An increasing number of video-game streamers and competitions are making people interested in the gaming market. Meanwhile, the education sector is supporting personnel in this field, and developing technology to attract more gamers.
Tourism marketing: This business gains positive sentiment from the government’s soft power promotion and tourism stimulus measures, as well as influencers’ content.
Tourism, hotel and tour business: The government has a policy to promote tourism, especially through visa exemption for foreign visitors and tourism in secondary cities.
Renewable energy: The demand for renewable energy is likely to increase due to volatility in energy prices. The government also has a policy for people to use clean energy, while financial institutions are ready to grant loans for business operators in this field.
Automotive: Thailand is still a major production base for internal combustion engine vehicles, while sales of trucks and motorcycles are likely to increase in line with the economic recovery.
Property and construction: These businesses gain positive sentiment from the government’s policy to stimulate property sales and improve public transportation.
Businesses likely to face contraction in 2024 are telephone, CD-VDO renting, media outlets without online platform, newspaper delivery, middlemen, pottery, clothing, photo shop, photocopy and grocery store,
Entrepreneurs who produce and sell textiles, CD and DVD, hard disk drive, memory card, papers, wooden furnitures, chemicals and game consoles are also expected to face contraction next year.