Thailand’s TV market scores big with global sports events
Thailand’s TV market is poised for significant growth this year, driven by major global sports events, according to LG Electronics (Thailand).
The head of marketing at LG Electronics (Thailand), Amnaj Singhachan, highlighted that the UEFA Euro 2024 football tournament, which runs from June 14 to July 14, and the Summer Olympics in Paris from July 26 until August 11, followed by the Paris 2024 Paralympic Games from August 28 until September 8, will be the primary catalysts for this increase.
Sales during Euro 2024 are expected to see a more substantial uptick compared to the Olympic Games, said Amnaj.
“The Thai TV market is expected to have 30% sales growth year-on-year during Euro 2024, and LG TV sales should align with that trend.”
Most of this sales growth is anticipated to come from the Bangkok metropolitan area.
Amnaj noted that over the past three to four years, the average price of a TV was around 12,000 baht, but it has since decreased to approximately 10,000 baht.
He remarked that many brands want to launch bigger screen TVs in the market, ranging from 70 inches and larger.
While Chinese brands are reducing prices to capture market share in Thailand, Amnaj indicated that LG will not adopt this strategy. Instead, the company will focus on promoting its premium OLED TVs.
Last year, the Thai TV market was valued at 21.2 billion baht, representing an 8.5% decline from the previous year.
This year, the market is anticipated to grow by 8%, reaching 23 billion baht.
Big screen TV sales are on the rise and now account for 16.5% of total sales, up from 12.3% the previous year.
The company aims to achieve sales of 4.6 billion baht this year, reflecting a 13% growth rate, which would surpass the overall growth of the TV market in Thailand, reported Bangkok Post.
In related news, the Thai condo market hit by economic woes and Myanmar restrictions, Thailand’s real estate market has been negatively affected by the Myanmar government’s restrictions on their citizens purchasing condominiums in Thailand.
