Revenue of leading luxury brands Thailand 2023
In 2023, Louis Vuitton was the leading luxury brand in Thailand, with a revenue of around 15.8 billion Thai baht. This was followed by Chanel, with revenue of approximately 14.4 billion Thai baht.
Luxury goods retail development in Thailand
The revenue of the luxury goods market in Thailand is projected to grow in the upcoming years and is estimated to reach six billion U.S. dollars in 2028. Thailand has the potential to be a leading luxury shopping destination in ASEAN. The rise in popularity of luxury goods among Thais allows for expanding high-end retail spaces and the presence of global luxury brands. For instance, Louis Vuitton launched its third LV The Place Louis Vuitton in Bangkok, which combines a storefront, an exhibition, a café, and a restaurant in one place. In addition, important Thai retailers, including Central Group and PP Group, brought in around 50 new luxury brands in 2024, from Loro Piana to Ami Paris.
Shopping for luxury goods in Thailand
For consumers, wearing a luxury product may symbolize wealth, success, and social status. On the other hand, the perceived investment and resale value of luxury items motivate some to purchase. In 2023, Asia had the highest revenue for the secondhand luxury goods market. Thai consumers are no strangers to shopping for pre-loved goods. Many buy and sell used luxury brand products on e-commerce and social media such as Instagram and Facebook. Flexible payment options also make luxury goods more accessible to the average Thai consumer. Private sellers are known to offer payment plans through credit card schemes or monthly bank transfers. Meanwhile, e-commerce platforms, like Shopee, offer customers buy now, pay later options to finance their purchase of luxury goods.
