东南亚国别消费研究：泰国—第三产业主导经济体，区域第二大电商市场

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Thailand is an export-oriented economy with the tertiary sector as its economic core, contributing 61% to GDP in 2023, while the primary and secondary sectors contribute 6% and 33% respectively [16][32]. - Thailand's GDP in 2023 is approximately $514.8 billion, accounting for 14% of ASEAN's GDP, making it the second-largest economy in the region [16][17]. - The actual GDP growth rate from 2015 to 2023 is a compound annual growth rate (CAGR) of 1.7%, the lowest among the six major ASEAN countries [17]. - The tourism sector has become a significant driver of economic growth, with international tourism revenue reaching $64.4 billion in 2019, accounting for 20% of total exports [32]. Economic Overview - Thailand's economy is characterized by a shift from agriculture to manufacturing and services, with the service sector, particularly tourism, playing a crucial role in economic development [16][32]. - The country has experienced fluctuations in GDP growth due to external factors such as export weakness and foreign capital outflows [16][32]. - The forecasted GDP growth rates for 2024 and 2025 are 2.9% and 3.1% respectively, which are higher than developed countries but lower than developing countries [17]. Consumer Market - Thailand is the third-largest consumer market in ASEAN, with total household consumption increasing from $232.4 billion in 2015 to $302.6 billion in 2023, reflecting a CAGR of 3.4% [36][37]. - The per capita disposable income in Thailand reached $4,324 in 2023, with a CAGR of 4.4% from 2015 to 2023 [41][42]. - The structure of consumer spending shows a high proportion of expenditures on food and beverages, housing, and transportation, with food and beverage spending being the highest among ASEAN countries at 28.9% [39][40]. Retail Channels - The retail market in Thailand is primarily modern, with e-commerce rapidly developing; the retail market size is approximately $124 billion in 2023, with a projected CAGR of 7.4% from 2023 to 2028 [5]. - Traditional, modern, and e-commerce channels account for 9%, 68%, and 21% of the retail market respectively [5]. Supply and Trade - Thailand has a strong agricultural base, being a major exporter of rice and natural rubber, but relies heavily on imports for energy resources [5][32]. - In 2023, Thailand's imports totaled $263.9 billion, while exports reached $281.5 billion, resulting in a trade surplus of $17.5 billion [5]. - China is Thailand's largest trading partner, with significant bilateral trade and investment activities [5]. Capital Market Performance - The Stock Exchange of Thailand (SET) has 856 listed companies with a market capitalization of approximately $505.3 billion as of August 2024 [5]. - The consumer staples sector has outperformed the market, with essential consumption stocks rising by 12.2% year-to-date [5].