E-commerce, content creation, internet influencers and product reviews have the brightest growth prospects for next year as consumer behaviour changes, according to a new university study.
Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, said consumers are spending less at physical stores, shifting to online platforms because of their convenience and the ability to compare prices and services.
According to Mr Thanavath, other businesses with a promising outlook (sunrise businesses) in the year to come include medical and beauty services; online advertising and media; telecom businesses, such as internet services and various communication signals; social media and online entertainment; financial services and banking technology; technology-based payment services; along with cloud and cybersecurity services; and concert, exhibition and event organising.
He said belief-related businesses (good luck charms, superstitious objects and occult rites, known as mutelu, fortune-telling and feng shui) are also gaining popularity, as are electric vehicles and related businesses, TV series and movies, food and food supplements, non-alcoholic beverages, modern trade, logistics, delivery, warehousing, urgent cash services, pet care, night entertainment, and the travel segment, including travel agencies, hotels, tours and related businesses.
The university cautioned against sunset businesses such as basic telephone services, book and CD/DVD rental shops, printed media businesses without online platforms, CD/DVD production, data storage services for hard drives or memory cards, newspaper delivery services, middlemen, pottery and ceramics, textiles and garments, chemical production and photography studios.
Stores selling gaming consoles, game disks and cartridges; natural weaving; photocopying; furniture; and mom-and-pop shops are also expected to face gloomy prospects in 2024.
The university’s study is based on sales, costs, sales-to-cost differences, risk factors and competition conditions, and alignment with trends.
Key factors expected to support businesses and the economy include the government’s stimulus measures, such as visa exemptions and the 10,000-baht digital wallet scheme.