The Thai retail sector experienced robust growth in 2024, expanding by 6.02% to 4.51 trillion Baht, a trend largely propelled by the booming online market. This mirrors a global phenomenon where e-commerce is increasingly driving retail expansion, with worldwide sales reaching approximately $18.60 trillion in 2024, significantly influenced by the Asia-Pacific region and digital channels.
While offline sales still dominate in Thailand, online retail's share has surged from 20.45% in 2022 to 23.50% in 2024, marking a remarkable 379% increase compared to 2019. The Trade Policy and Strategy Office (TPSO) forecasts continued expansion for Thailand's retail sector, anticipating an average annual growth rate of 4.5% between 2024 and 2029, with the market expected to reach 5.61 trillion Baht by 2029.
This growth is primarily attributed to the rise of online commerce, the resurgence of tourism, and supportive government stimulus policies. However, the sector also faces potential challenges such as economic volatility, high household debt, and intense competition. Globally, retail sales are projected to grow at an average annual rate of 2% between 2024 and 2029, with the global market exceeding $20.8 trillion by 2029. A significant 64% of this global growth is expected to originate from the Asia-Pacific region, with online sales contributing an estimated 74% of all retail sales growth.
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July 31, 2025
