Lifestyle product market hit by increased competition
Thailand's lifestyle-product exports are expected to face flat growth next year after a forecast 2-per-cent contraction this year as a result of tougher competition globally.
The export of lifestyle products is expected to be worth US$3 billion (Bt109 billion) this year after a 7.83-per-cent contraction in the first eight months.
Jirabul Vitayasingh, honorary president of the Thai Gifts, Premiums and Decorative Association, said shipments of lifestyle products continued to face tougher competition in many countries.
He said the industry in Thailand needed to expand from being production-based, where enterprises focused on design and innovation, to trading-based as well to emphasise Thailand as Asean’s centre of lifestyle-goods trading.
He said that with the weakening baht, exporters could have a better competitive edge in some markets. However, since most currencies had also depreciated in value, it had created only a small benefit for exporters.
To help promote stronger export growth of the industry, Jirabul called on the government to help small and medium-sized enterprises get soft loans, help increase their financial liquidity, and lead them to international trade fairs.
He pointed out that markets with strong demand for lifestyle products were Russia, the United States, and countries in Asean.
To promote the export of lifestyle products – including furniture and parts, gifts and premium houseware products, tableware and toys – the International Trade Promotion Department will host the "Bangkok International Gift Fair" and "Bangkok International Houseware Fair" from October 19-23 at the Bangkok International Trade and Exhibition Centre (Bitec).
Chantira Jimreivat Vivatra, deputy director-general of the department, said this year’s fair would draw more exhibitors and visitors as the ministry had changed its date to facilitate exhibitors joining not only Thailand’s event but also similar fairs in the Philippines, Hong Kong, and mainland China.
The department expects more than 470 producers and exporters of gifts from Thailand and Asia to participate in the fair.
It expects about 60,000 trade visitors will attend, especially buyers and importers from the US, Japan, mainland China, Hong Kong, Taiwan, South Korea, India, Germany, the United States and Asean.
