Beauty, medical services, e-commerce will be money-spinners in 2nd half: UTCC
Beauty and medical services will be the most lucrative businesses in Thailand in the second half of the year, the University of the Thai Chamber of Commerce (UTCC) predicted.
The prediction was made by UTCC’s Institute of Trade Strategies in its top-ten list of businesses that will have a bright future in Thailand.
Executive assistant Wachira Khoonthaweesup said the institute had studied and found that the top ten businesses with good prospects for the second half are:
- Medical and beauty services and e-commerce
- Platform business or businesses that provide electronic marketing and logistics platforms
- Insurance, life insurance, supplementary diet and health
- E-sports, social media and online entertainment
- Content making, especially by YouTubers, products reviews, media and advertising
- Medicine, medical supplies wholesale, FinTech, electronic payment, concert and events businesses
- Modern trade/modern convenient stores, herb sales
- Entertainment venues and automobile businesses
- Construction, non-condo property, tourism, hotels and related businesses.
Wachira also listed the businesses that are expected to flop:
- Baseline/ground line telephone and fax machine manufacturing
- Textile dying
- Print media and journals
- Print media household and office delivery
- Printing houses, printing of books, flyers
- Brokers, producing/selling artificial trees and flowers
- Call centres and ceramic making
- Big-bundle clothes making
- Book renting/sale and photo shops.
Meanwhile, UTCC rector Thanawat Polwichai said Thailand is now on the path to economic recovery with more tourists visiting the kingdom after all Covid restrictions were lifted.
He said the recovery would be boosted by the government’s measures to help reduce the cost of living, a weaker baht and expanding exports.
However, economic growth could be more or less affected by external factors, including the on-going Russia-Ukraine war, soaring global oil prices, rising transportation costs in the country and high household debt, which could be impacted if the policy interest rate is later increased.