Bangkok, Thailand, 21 February 2024 – APISWA together with Oxford Economics hosted a seminar in Bangkok to launch Oxford Economics’ report entitled ‘International Wine and Spirits in ASEAN: The Economic Contribution of the International Wine and Spirits Value Chain in Thailand and Vietnam’ in Thailand. The report assesses the economic impact of international wine and spirit (IWS) sales and distribution in two major Southeast Asian economies and tourism destination: Thailand and Vietnam, at a time where Thailand seeks to attract more high-value tourism where consumers are in search of more premium lifestyle experiences.
The welcome address of the launch event was delivered by Ms. Khemika Ratanakul, representing the European Asean Business Council (EABC) Food, Agricultural and Beverage Committee Chair. Lead Economist of Oxford Economics, Mr. Liam Cordingley, then presented the report which outlines key findings that can enable Thai policymakers and businesses to better understand and seize the opportunity afforded by the trend of “premiumization”.
The report further highlights that greater demand of IWS will lead to a multiplier effect of new local business opportunities, high value jobs, higher profit margins and greater tax receipts in the hospitality and retail industries. This is especially pertinent in supporting the Tourism Authority of Thailand (TAT)’s focus on promoting the country’s premium hospitality offerings to reach 3.5 trillion baht in target revenue this year.
Both presentations were then followed by a panel discussion consisting of the following speakers:
- Apipa Wisarutwet, Director of Tax Structure Development, Tax Planning Office, Royal Thai Excise
- Chamnan Srisawat, President of Tourism Council of Thailand
- Marisa Sukosol Nunbhakdi, President of Thai Hotels Association
- Khemika Ratanakul, President of Thai Alcohol Beverage Business Association (TABBA)
The event was attended by business owners and entrepreneurs in the hospitality and retail sectors, government representatives, and industry analysts and academics.
Media coverage
- Alcohol regulations come under the spotlight at seminar
- New research reveals how Thailand can achieve high-value tourism and local economic benefits by leveraging premiumization
- Alcohol consumption on the rise, as tax cuts on wine and liquor are welcomed alongside responsible drinking initiatives.
- TABBA: Is it acceptable to have health warning labels on alcoholic beverages’ packaging to prevent adverse effects?
- Can the selling hours of alcohol be extended to cover Songkran?
- Helping businesses deliver higher-value added services will help Thai economy spark growth
- Experts advice the government to look at the premiumization trend to promote Thai tourism
- Economists expect Thai GDP growth in Q1/2024 to slow down, suggesting the government focus on long-term measures to increase tourism potential
