E-commerce and Content Creators Positioned as Emerging Business Stars in the Coming Year
Next year, e-commerce and content creation, including YouTubers, product reviewers, and influencers, are expected to experience significant growth, as reported by the University of the Thai Chamber of Commerce (UTCC).
Consumer behavior shifts favor e-commerce, with people opting to shop less in physical stores and more online due to better pricing.
The rise in online services also fuels the growth of content creators, who enjoy the benefits of low operational costs. Here are other sectors projected to grow in 2024:
- Medical and beauty: Healthcare advancements and the government's initiative to position Thailand as a medical hub support growth.
- Advertising and online media: Low costs and higher consumer online engagement are beneficial.
- Telecommunications and ISPs: Digital economy promotion and smart city initiatives offer business opportunities.
- Social media and online entertainment: Daily internet use in work, education, and entertainment boosts these sectors.
- Banking and fintech: Banks adapt to cashless trends, while government digital incentives encourage growth.
- Cloud services and cybersecurity: A growing digital economy and cyber threats increase demand for these services.
- Event organization: Tourism and business visitor policies increase demand across Thailand, not just in major cities.
- Spirituality: Economic and social uncertainties lead people to seek solace in spiritual practice.
- Gems and jewelry: Gold appeals to younger generations looking for a safe investment.
- Insurance: Health and property safety concerns and an aging population drive the need for insurance.
- EVs: Environmental concerns, fuel costs, charging infrastructure, and government incentives encourage EV adoption.
- Thai culture (soft power): Thailand's unique culture appeals globally.
- Food supplements: Health concerns among an aging population boost this sector.
- Non-alcoholic F&B: Post-pandemic activities increase demand.
- Sugar industry: Global sugar consumption and use in foods and beverages are on the rise.
- Modern trade: Digital cash incentives and tourism recovery support revenue growth, despite competition with e-commerce.
- Logistics and warehousing: Increased online shopping boosts these sectors.
- Lending and pawn shops: Government debt policies and online valuation services appeal to customers.
- Pet care: The trend of pets as family members grows.
- Nightlife: Extended opening hours and tourism increases benefit this sector.
- E-sports and gaming: More competitions, streaming, educational support, and advancing technology attract interest.
- Tourism marketing: Government promotions and influencer content create a positive outlook.
- Tourism and hospitality: Visa exemptions and focus on secondary cities encourage tourism.
- Renewable energy: Energy price volatility and government clean energy policies drive demand.
- Automotive: Truck and motorcycle sales correlate with economic recovery, and Thailand remains a key production hub.
- Real estate and construction: Government incentives and transportation improvements support the industry.
Challenged Sectors for 2024:
Some industries face contraction in 2024, including, but not limited to, traditional telephone services, CD/DVD rentals, media lacking an online presence, newspaper deliveries, intermediaries, pottery, clothing, photography shops, photocopying services, and small grocery stores. Businesses related to textile production, CD/DVDs, hard drives, memory cards, paper, wooden furniture, chemicals, and gaming consoles are also predicted to decline.
The rise in online services also fuels the growth of content creators, who enjoy the benefits of low operational costs. Here are other sectors projected to grow in 2024:
- Medical and beauty: Healthcare advancements and the government's initiative to position Thailand as a medical hub support growth.
- Advertising and online media: Low costs and higher consumer online engagement are beneficial.
- Telecommunications and ISPs: Digital economy promotion and smart city initiatives offer business opportunities.
- Social media and online entertainment: Daily internet use in work, education, and entertainment boosts these sectors.
- Banking and fintech: Banks adapt to cashless trends, while government digital incentives encourage growth.
- Cloud services and cybersecurity: A growing digital economy and cyber threats increase demand for these services.
- Event organization: Tourism and business visitor policies increase demand across Thailand, not just in major cities.
- Spirituality: Economic and social uncertainties lead people to seek solace in spiritual practice.
- Gems and jewelry: Gold appeals to younger generations looking for a safe investment.
- Insurance: Health and property safety concerns and an aging population drive the need for insurance.
- EVs: Environmental concerns, fuel costs, charging infrastructure, and government incentives encourage EV adoption.
- Thai culture (soft power): Thailand's unique culture appeals globally.
- Food supplements: Health concerns among an aging population boost this sector.
- Non-alcoholic F&B: Post-pandemic activities increase demand.
- Sugar industry: Global sugar consumption and use in foods and beverages are on the rise.
- Modern trade: Digital cash incentives and tourism recovery support revenue growth, despite competition with e-commerce.
- Logistics and warehousing: Increased online shopping boosts these sectors.
- Lending and pawn shops: Government debt policies and online valuation services appeal to customers.
- Pet care: The trend of pets as family members grows.
- Nightlife: Extended opening hours and tourism increases benefit this sector.
- E-sports and gaming: More competitions, streaming, educational support, and advancing technology attract interest.
- Tourism marketing: Government promotions and influencer content create a positive outlook.
- Tourism and hospitality: Visa exemptions and focus on secondary cities encourage tourism.
- Renewable energy: Energy price volatility and government clean energy policies drive demand.
- Automotive: Truck and motorcycle sales correlate with economic recovery, and Thailand remains a key production hub.
- Real estate and construction: Government incentives and transportation improvements support the industry.
Challenged Sectors for 2024:
Some industries face contraction in 2024, including, but not limited to, traditional telephone services, CD/DVD rentals, media lacking an online presence, newspaper deliveries, intermediaries, pottery, clothing, photography shops, photocopying services, and small grocery stores. Businesses related to textile production, CD/DVDs, hard drives, memory cards, paper, wooden furniture, chemicals, and gaming consoles are also predicted to decline.