In 2009, KASIKORN RESEARCH CENTER (KResearch) projects that domestic cosmetic sales (both domestically produced and imported cosmetics) will total around THB33 billion, growing around 4-5 percent. Classified by sales channel, sales over the counter at dedicated cosmetic venues will total around THB11 billion, while those sold in general stores and via direct sales will have a value of around THB22 billion. In consumer behavior, beauty and health care are still important to women in enhancing their image. Therefore, in spite of a slowing economy, consumer behavior toward cosmetic spending has not changed; consumers have only begun to plan before purchases more deliberately.
The cosmetic export market is projected will be valued at around THB33-34 billion, with growth of 4-7 percent, similar to last year. Entrepreneurs in Thailand's cosmetic industry are developing new products increasingly and expanding to international markets more and more. Moreover, negotiations on the JTEPA (Japan-Thailand Economic Partnership Agreement), TAFTA (Thailand-Australia Free Trade Agreement) and with Indonesia per the AFTA (ASEAN Free Trade Area) will reduce import tariffs to 0 percent at the beginning of 2010. This factor will boost export growth as these countries are important export markets for Thai cosmetics.
New interesting markets are the groups of countries in the Middle East, Africa, the United Arab Emirates where growth is higher than 50 percent compared with 4M08 following the increasing popular health and beauty care trend. Imported cosmetics will likely decelerate in line with changing purchasing power and consumer behavior. Most imported cosmetics are expensive, so consumers are turning to middle- to low-end cosmetic product replacements. It is obvious that Korean cosmetics are selling well in Thailand, thanks to KPop and the overall Korean Wave popularity. In addition, Korean cosmetics are better blended for Thai skin than cosmetics manufactured in the West because Thai and Korean skin types have similarities and Korean cosmetic prices are quite affordable.
However, entrepreneurs will have to adjust their marketing strategies to cope with risks due to the economic crisis that have affected consumer purchasing behavior amid the tough competition in both domestic and international markets.
The recommended strategies include creating an outstanding brand image, launching new formulae, diversifying products to expand their customer base, designing attractive displays and packaging, meticulously selecting their target group, increasing distribution channels, starting new media advertising and offering special promotions, such as giving discounts, setting up reward programs and offering bonus gifts.
However, consumers should select cosmetics carefully by considering their skin type and product effectiveness. Also, they should study the safety and reliability of cosmetic ingredients to prevent allergic reactions arising from the use of the product.
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