Recent Release | 07 Aug 2023
International Wine and Spirits in ASEAN: The economic contribution of the international wine and spirits value chain in Thailand and Vietnam
Economic Consulting Team
Oxford Economics
This report presents an assessment of international wine and spirits’ contribution to the economies of Thailand and Vietnam.
Economies in Southeast Asia, which are heavily dependent on the tourism and hospitality sectors, were hit hard by the Covid-19 pandemic. As travel rebounds across the region, this report studies the contribution of international wine and spirits—a key component of the tourism and hospitality offering—to the recovery in Thailand and Vietnam.
A major new trend driving the recovery of sales and the recovery of the Southeast Asian hospitality sector is the ‘premiumisation’ of the consumer experience. ‘Premiumisation’ describes the broad trend of consumers ‘trading up’ in their consumption choices, and purchasing more premium products. This report examines the economic opportunity to Southeast Asian markets resulting from this trend.
Alongside our findings on the value of ‘premiumisation’ we provide details of our economic analysis of the contribution of international wine and spirits in Thailand and Vietnam. In total, our economic modelling estimates that the sales and distribution of international wine and spirits contributes $198 million and $282 million respectively, to the economies of Thailand and Vietnam.
The experts behind the research
Our Economic Consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:
Qi Yu Chan
Assistant Economist, Economic Impact
Liam Cordingley
Senior Economist, Economic Impact
Read the report
Complete the form below to download the report.
Tags:
Recent related reports
Good Practices in the Provision of Global Public Goods: How multilateral development banks build on global public goods in their operations
In our flagship report, ‘Multilateral Development Banks for Global Public Goods’, commissioned by Deutsche Gesellschaft für Internationale Zusammenarbeit on behalf of the German Federal Ministry for Economic Cooperation and Development, Oxford Economics highlighted the positive role that the use of GPGs can play in preventing and addressing crises that cross national boundaries. As part of that work, we wanted to identify and share promising practices and good examples of how the provision of GPGs can be supported through international funding—and in particular through MDBs.
Find Out More
CNA: Singapore could downgrade full-year economic forecast, says analyst
Alex Holmes, Senior Economist at Oxford Economics, joins CNA to discuss why Singapore’s 2023 growth forecast of 0.5 to 2.5% is “unrealistic”.
Find Out More
China: Consumption bounce ≠ surging goods imports
Unlike past recovery cycles, the sharp expected rebound in China's private consumption may not result in surging imports. Our updated forecast now sees 8% plus consumption growth in 2023, much of it will be frontloaded, with the sequential quarterly pace winding down by year-end.
Find Out More
How pandemic-era shocks have changed Asia’s outlook
Once pent-up demand from post-lockdown fades, we think that Asian economies will settle at lower GDP growth and higher inflation than our pre-pandemic forecasts. This means nominal interest rates are also likely to stay high in 2023-2024.
Find Out More