Siam Paragon Watch Expo kicks off
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LUXURY watch brands expect an increase in sales in Thailand because of higher purchasing power, a good tax structure, and special promotions.
Thailand’s watch market is anticipated to grow by 2 per cent this year to about Bt45 billion. Of that total, 35 per cent is represented by high-end brands and another 35 per cent by medium brands. Fashion watches account for the rest.
Among these three categories, medium-brand watches will post the highest growth rate of 15 per cent this year, followed by fashion products at 5 per cent.
In the past, Americans and Europeans were the big purchasers of watches. However, now Asia, especially China and Southeast Asia, outpaces the Western growth rate.
Jakkrit Keeratichokchaikun, senior vice president and chief merchandising officer of The Mall Group , said the purpose of arranging the “Siam Paragon Watch Expo”, which started yesterday and will run until August 15, was to stimulate Thailand’s economy as well as lure tourists.
More than 180 watch brands are participating in the event, with 30,000 watches on display.
Chanisa Kaewreun, Siam Piwat’s deputy managing director for marketing promotion and business relations, said more than Bt40 million had been invested in the expo. Numerous promotions are on offer, including discounts of up to 50 per cent, which the organisers hope will ensure sales reach the target of Bt350 million.
Yuki Srikarnchana, managing director of luxury-watch importer Pendulum Group, said Thailand had a strong market of watch collectors. It is now better than Hong Kong in terms of luxury. Hong Kong usually aims its sales towards tourists, whereas Thailand focuses more on local people, which leads to more consistency in sales.
As well, the number of tourists has increased by 20 per cent, and 15 per cent of the tourists purchase a watch. Middle Eastern tourists’ love for watches and high purchasing power also raise the sales of watches.
Moreover, Thailand’s tax structure makes it competitive with neighbouring countries. Overall, the Thai market is considered outstanding.
Jakkrit said that whether or not the economy was in decline, watch collectors were not affected by such changes. They primarily base their purchases on quality, design and uniqueness. For this reason, watch brands make their prices fit their quality.
