Luxury market boost: Siam Piwat doubles space at Siam Paragon amid soaring demand
Rapid growth in demand for luxury items during the pandemic has led Siam Piwat to enlarge the sales space allocated to luxury goods at Siam Paragon, doubling it in size. According to Mayuree Chaipromprasith, the president of corporate affairs and communications at Siam Piwat, the pandemic restrictions fuelled a significant increase in the appetite for the luxury market.
The average revenue generated from international luxury brands present at Siam Paragon rose by 50% year on year in 2022, surpassing the pre-pandemic levels of 2019 by more than 200%. Mayuree said…
“Thailand’s status as a tourist destination offers incredible potential in the luxury market. Luxury brands prioritise Thailand as a key target in Asia for opening special concept stores or unveiling their latest collections.”
Figures from the Tourism Authority of Thailand revealed that the first five months of this year saw over 10 million foreign arrivals, with the expectation of reaching 25 million by year-end. Mayuree said…
“The influx of tourists has greatly impacted Thailand’s luxury market for years. Sales of several renowned brands in Thailand have become the top sellers globally. As a result, the country has seen a rise in limited edition and rare items available in local shops.”
Given the escalating demand, numerous international labels are eager to make their debut in the Thai luxury market. In response, Siam Piwat has commissioned renovation works at Siam Paragon, intending to double the sales area dedicated to luxury products. The refurbishment is scheduled to be completed next year, with two floors, M and first floor, presenting luxury items from fashion and lifestyle to home categories, Bangkok Post reported.
Mayuree anticipates that “around 20 new international brands will debut at Siam Paragon next year.” Furthermore, Siam Piwat aims to expand its luxury market ecosystem through collaboration with potential partners across various industries to develop business opportunities and sustainable growth models. Mayuree explained, “In today’s business landscape, there is a shift away from adhering strictly to traditional industry norms and conventions. Collaboration paves the way for limitless opportunities to expand the business beyond borders.”
This approach enables the company to strengthen its marketing activities, swiftly adapt and respond to luxury market changes, and achieve its objectives more efficiently. Additionally, cooperative efforts can lead to new revenue streams, increased traffic, and a more extensive customer base, continued Mayuree.
To date, Siam Piwat has partnered with over 50 organisations across 13 industries.
