Market Research Thailand

Thailand’s economy has made remarkable progress in the past four decades, with impressive growth rates and poverty reduction. However, challenges such as declining productivity, reduced private investment, and the impact of the COVID-19 pandemic have slowed down the economy.

Although the Thailand Economic Monitor predicts a recovery to pre-pandemic levels in 2022, the pace of growth in 2023 may be slower than expected due to global headwinds. Projections indicate a 3.4% expansion in 2022 and 3.6% in 2023, with a downward revision of 0.7 percentage points for 2023, reflecting a faster-than-anticipated decline in global demand. The recovery of the tourism sector and private consumption are expected to be key drivers of Thailand’s economic growth moving forward.

The internet penetration rate in Thailand has been steadily increasing, with around 81.1% of the population being internet users in 2022. It is projected to further grow and reach around 84% by 2026. This indicates a significant adoption of internet usage among the population, highlighting the importance of digital connectivity in Thailand’s modern society.

Social media is now a crucial part of the Thai market, greatly impacting how consumers make decisions. As of January 2023, there were 52.25 million social media users in Thailand, accounting for 72.8% of the total population.

In Thailand, Facebook is widely used for connecting with friends and family, while Line has seen rapid growth, with around 93% of internet users in the country being active on the platform. TikTok has also gained popularity in recent years, capturing around 80% of the market.