Bangkok Retail Figures Q1 2023

QUARTERLY HIGHLIGHTS

‒   Bangkok’s retail market continued to see improvement in overall sentiment during the first quarter of 2023, thanks to the return of foreign tourists in Thailand boosting overall retail sales, as well as the Thai government's tax deduction scheme “Shop Dee Mee Khuen” (shop and payback) in the first two months of the year.

‒   Thailand’s consumer confidence index (CCI) increased to 53.8 in March 2023 from 52.6 a month earlier. The figure marked the highest reading in three years. (The CCI increased 11.8 points or a 8.2% Y-o-Y increase).

‒   The total retail supply in Bangkok increased from 7.9 million sq. m. in Q1 2022 to 8.2 million sq. m. in Q1 2023, an increase of 3.1% Y-o-Y.

‒   By Q1 2023, there was over 1.52 million sq. m. of retail space either being planned or under construction based on what has been publicly announced.