Luxury market increase: Siam Piwat doubles area at Siam Paragon amid soaring demand

Rapid development in demand for luxury items during the pandemic has led Siam Piwat to enlarge the sales house allotted to luxury goods 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 big increase in the appetite for the luxurious market.
The average revenue generated from worldwide luxurious brands current at Siam Paragon rose by 50% year on year in 2022, surpassing the pre-pandemic levels of 2019 by greater than 200%. Mayuree said…
“Thailand’s status as a vacationer vacation spot offers incredible potential within the luxury market. Luxury brands prioritise Thailand as a key goal in Asia for opening particular concept shops or unveiling their latest collections.”
Mere from the Tourism Authority of Thailand revealed that the first 5 months of this year noticed over 10 million overseas arrivals, with the expectation of reaching 25 million by year-end. Mayuree said…
“The inflow of vacationers has greatly impacted Thailand’s luxury marketplace for years. Sales of a number of famend brands in Thailand have turn into the highest sellers globally. As a result, the country has seen a rise in limited edition and uncommon items obtainable in native shops.”
Given the escalating demand, numerous international labels are desperate to make their debut within the Thai luxury market. In response, Siam Piwat has commissioned renovation works at Siam Paragon, aspiring to double the gross sales area dedicated to luxurious products. The refurbishment is scheduled to be accomplished next year, with two flooring, M and first ground, presenting luxurious gadgets from trend and way of life to home categories, Bangkok Post reported.
Mayuree anticipates that “around 20 new worldwide manufacturers will debut at Siam Paragon next 12 months.” Furthermore, Siam Piwat aims to increase its luxurious market ecosystem by way of collaboration with potential companions across numerous industries to develop business alternatives and sustainable progress models. Mayuree defined, “In today’s enterprise panorama, there’s a shift away from adhering strictly to traditional industry norms and conventions. Collaboration paves the way in which for limitless opportunities to increase the enterprise beyond borders.”
This strategy permits the company to strengthen its marketing activities, swiftly adapt and reply to luxurious market adjustments, and obtain its aims more efficiently. Additionally, cooperative efforts can lead to new revenue streams, elevated traffic, and a extra extensive buyer base, continued Mayuree..

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