Connect with us
CGIF-10th-Year-Anniversary

Business

Banking on purchasing power of Chinese tourists

With nearly 2 million Chinese visitors in Thailand last year, China is now the biggest group of tourists to visit the kingdom. Changes in their shopping habits while travelling could mean big business for luxury brands in Thailand.

Avatar

Published

on

With nearly 2 million Chinese visitors  in Thailand last year, China is now the biggest group of tourists to visit the kingdom. Changes in their shopping habits while travelling could mean big business for luxury brands in Thailand.

Rising middle-class incomes in China mean more travel abroad and that means more shopping while on holiday.

These include not just souvenirs, but luxury handbags, cosmetics and watches that carry a hefty 30 per cent tax on the mainland.

Chinese overseas travellers spent US$72 billion last year, just behind Americans who spent US$75 billion.

With a boom in Chinese tourist arrivals that shows no sign of slowing, Thai retailers and developers are banking on their purchasing power, and gone are the stereotypes of the budget traveller on low-cost package tours.

Statistics have shown that last year, the Chinese bought 25 per cent of the world’s luxury goods, a sector poised for a big expansion in Bangkok.

banking on purchasing power of Chinese tourists

Expected to be completed by December 2013, Central Embassy in the heart of Bangkok’s shopping district will have 70,000 square metres of retail space.

James Pitchon, executive director of CB Richard Ellis Thailand, said: “The luxury brands, either themselves or through their distributors, are keen to expand and have seen the resilience of the Thai economy, and not just the Thai domestic economy, but the growth in tourism, and that they want to have a store or several stores in Thailand.”

For Central Retail Corporation, that means constructing a huge new luxury mall aimed at Asian and specifically Chinese tourists.

 

Chart Chirathivat, managing director of Central Embassy, said: “The tourists are coming here and growing a lot. What they are looking for now is luxury products. So I think Bangkok does have a good potential.

“The numbers for last year, in my discussion with luxurious brands, is that the market has grown a lot. And out of all the Asian Pacific countries for most brands, the highest growth is achieved here (in Bangkok).”

Thai retailers banking on purchasing power of Chinese tourists | Thailand Property News

Comments

Business

Online intellectual property dispute platform to go live next year

The online dispute settlement platform for intellectual property cases will assist with cases related to copyright, patents, and trademark infringements using digital technology.

National News Bureau of Thailand

Published

on

Pantip Plaza Electronic display

BANGKOK (NNT) – The Department of Intellectual Property has introduced its online dispute settlement services covering intellectual property cases that it developed with the Thai Arbitration Institute.

(more…)
Continue Reading

Business

Thailand pushes for “Ease of Doing Business” reforms

Thailand is in the process of responding to the World Bank’s advice and the “Ten for Ten” proposal by five ambassadors to Thailand, according to Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow.

Olivier Languepin

Published

on

The government has made improving the business environment in Thailand a key policy by setting a goal to raise the ranking of the ease of doing business to be among the top 20 countries in the world.

(more…)
Continue Reading

Business

Thailand remains in pole position for the highest funds raised across Southeast Asia

Taking the top two spots on the region’s leaderboard this year are Thailand’s Central Retail Corporation Public Company Limited and SCG Packaging Public Company Limited with US$1.77 billion and US$ 1.27 billion funds raised respectively

Pr News

Published

on

By

Thailand’s Central Retail Corporation Public Company Limited raised US$1.77 billion in 2020

THAILAND, 26 November 2020 — Capital markets across Southeast Asia stayed resilient in 2020 despite a host of uncertainties from the evolving global health crisis to the worsening US-China trade tensions and the impact of the US presidential elections.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,520 other subscribers

Trending