Thai consumer spending in foreign currencies increases 200%
Thai consumer spending in foreign currencies increased 200% during the second quarter year on year, according to a multi-currency wallet platform Youtrip.
The data also shows most spending was on popular e-commerce platforms and for home entertainment, such as games and video streaming.
The most popular e-commerce platforms were Amazon, eBay, Alibaba, Aliexpress, iHerb, KTown4U, and Taobao, with more than a 100% increased spend on the platform year on year.
Luxury brands are also seeing increasing revenue from Thai consumers, on platforms like Farfetch and Mytheresa, while there has also been an increase in spending in the beauty and cosmetics category.
Home entertainment and gaming saw the highest growth, with an over 400% increase, whether it is for Netflix or game streaming in-console or on-website purchases which, expert says, is due to the increasing number of people working from home during the latest wave of COVID-19, which began in April.
The report said the spending also shows more people have an interest in studying abroad, judging from tuition fee payments being made to education institutes outside the country, especially in the United Kingdom, after spending in this category almost disappeared in the second quarter of last year.
Youtrip also reported that Thai consumer spending in foreign currencies is still on the increase. Part of the reason is that people cannot travel abroad, but the demand for foreign goods remains high, while the same products might not be available in Thailand or are selling locally at inflated prices.