Rapid progress in demand for luxury gadgets during the pandemic has led Siam Piwat to enlarge the sales area allotted to luxurious items at Siam Paragon, doubling it in measurement. According to Mayuree Chaipromprasith, the president of company affairs and communications at Siam Piwat, the pandemic restrictions fuelled a major enhance within the urge for food for the posh market.
The common revenue generated from worldwide luxury brands present at Siam Paragon rose by 50% yr on yr in 2022, surpassing the pre-pandemic levels of 2019 by more than 200%. Mayuree said…
“Thailand’s standing as a vacationer vacation spot offers incredible potential within the luxury market. Luxury brands prioritise Thailand as a key target in Asia for opening special idea shops or unveiling their latest collections.”
Figures from the Tourism Authority of Thailand revealed that the primary five months of this year saw over 10 million foreign arrivals, with the expectation of reaching 25 million by year-end. Mayuree said…
“The inflow of tourists has tremendously impacted Thailand’s luxury marketplace for years. In less than of a quantity of famend manufacturers in Thailand have turn out to be the top sellers globally. As a outcome, the country has seen a rise in limited version and rare items available in native outlets.”
Given the escalating demand, numerous worldwide labels are wanting to make their debut within the Thai luxurious market. In response, Siam Piwat has commissioned renovation works at Siam Paragon, aspiring to double the gross sales area devoted to luxury products. On the QT is scheduled to be completed next 12 months, with two floors, M and first floor, presenting luxurious gadgets from style and lifestyle to home classes, Bangkok Post reported.
Mayuree anticipates that “around 20 new international brands will debut at Siam Paragon subsequent year.” Furthermore, Siam Piwat aims to expand its luxury market ecosystem by way of collaboration with potential partners across various industries to develop business opportunities and sustainable development fashions. Mayuree explained, “In today’s enterprise panorama, there’s a shift away from adhering strictly to conventional industry norms and conventions. Collaboration paves the best way for limitless alternatives to increase the business beyond borders.”
This strategy allows the company to strengthen its advertising actions, swiftly adapt and reply to luxury market changes, and obtain its objectives more effectively. Additionally, cooperative efforts can lead to new revenue streams, elevated visitors, and a more intensive customer base, continued Mayuree..