Key luxury trends set to lift Thai economy in 2025: study
Thailand’s appetite for luxury products and services remains strong despite the economic downturn, driving steady growth in the luxury market, according to Mahidol University’s College of Management (CMMU).
“Emotional purchases” will help lift the economy next year, as consumers prioritise feelings over long-term benefits when it comes to selecting products and services, according to CMMU research.
The college also unveiled key trends in luxury spending for 2025, sharing its research findings on Wednesday.
Younger consumers (Generation Z and Millenials) are driving a trend for eco-conscious luxury products and services, favouring recycled materials and low-carbon manufacturers, the college said.
The second-hand luxury market will also be more prominent, as online platforms give Thai consumers access to luxury goods at low prices while boosting recycling efforts.
Meanwhile, the luxury rental sector is expected to benefit from a growing trend for renting supercars, bags, apparel and accessories.
“The concept of luxury has evolved beyond brand-name products to include premium goods and services that are priced slightly higher than average,” said CMMU’s head of management and strategy Suthep Nimsai.
He noted that Thai consumers are increasingly willing to invest in luxury products and services that offer rare and emotionally meaningful experiences.
"Social media and branding are driving the growth of the luxury market," he added, though he cautioned consumers to spend wisely before making purchases.
CMMU also named Thais’ top five luxury treats, according to its research:
- Food and beverages: Consumers focus on high-quality ingredients and taste, along with memorable luxury dining experiences.
- Entertainment: Tickets for concerts, performances and sports competitions, especially premium seats with close-up views of their favourite artists or athletes.
- Tourism: First-class travel and stays at five-star hotels that enable consumers to share their luxury experiences via social media.
- Health and beauty: Premium services like spas, facials and personal fitness trainers.
- Rare products: Collectibles, artworks and limited editions that give consumers the opportunity to indulge in personal interests.
