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Health-related business will be among rising stars next year, UTCC predicts

Dec 22. 2016
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AS THE country moves into a digital economy and is transformed by urbanisation and an ageing society, the rising stars in enterprise next year will be medical and beauty businesses, cosmetics and healthcare products, and e-commerce, according to a survey by the University of the Thai Chamber of Commerce.

In contrast, the UTCC study, weighted on incomes, sales, production costs and demand, found that the sunset businesses will include bleaching and dyeing, handicrafts, magazines, books and printing, bookshops, video and CD rental shops, textiles and fabrics, poster making, shoe repairs, |furniture and agriculture equipment.

 “Many businesses will face slow growth next year because of lower demand, while enterprises will |see fixed or rising operational costs,” said Thanavath Phonvichai, |director of the UTCC’s Economic and Business Forecasting Centre. 

“As the country enters a digital society with more new technology, there are new businesses such as e-books to replace traditional books and magazines, while traditional retail shops could be replaced by modern retail shops and online trading.” 

He said that next year, many businesses will be changed to new trend such as many department stores will established around the corner to big cities.

Ageing society

He said that next year, many businesses would be more concerned about catering to an ageing society, and with offering environmentally friendly products.

To adjust to the changes, Thanavath suggested that enterprises pay attention to controlling costs and spending, as the global oil price is expected to average $55-$60 per barrel, and there will be changes from analogue to digital systems. At the same time, some regulations should be brought up to date.

The survey found that medical and beauty businesses will remain the brightest stars for a further three to five years after having been the champions for the past six years. Meanwhile, many enterprises have adopted advanced technology and will continue to expand into Asean and other Asian regions, Thanavath said.

Other rising stars next year will be cosmetic and healthcare products, e-commerce, tourism-related business, information technology, construction products, construction, logistics, financial services, modern trade, insurance, electronic maintenance, food and beverages, education, and legal and accounting consultancies.


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