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Mr. Veerapong Malai, the director of Office of Small and Medium Enterprise Promotion (OSMEP), revealed the findings of the study on SMEs’ business situation and trends in SMEs’ business operations (SMEs) based on key indicators of growth compared to the previous year;
It found that some SME businesses will be a prosperous business group in 2024 and be prosperous for 2 consecutive years, and the business group that should be monitored in 2024 and monitored for 2 consecutive years;
Businesses that meet the needs of urban people who need more convenience by opening for 24 hours long per day. A vending laundry machine can wash and dry your clothes within 20-40 minutes, reducing the cost of buying high-priced washer-dryer machines. It is expected to expand in community areas nationwide but intense competition has begun in this business. This business has a high growth rate of 1,925%.
Drinking water products with exotic flavors and patterns are gaining popularity such as in the form of local juices that are made into sparkling drinks in the form that both Thai and foreign consumers like to drink. The business growth rate is 1,109%.
For example, shirt or pants alteration. The growth of this business is 667%. Since the slowdown of the economy, consumers are still careful in spending after the COVID-19 pandemic. They tend to alter their old clothes to wear again or sometimes have to alter their new clothes ordered online because they cannot try the clothes on before purchasing
Such as music instrument stores or game shops which have a growth rate of 394%. Since people can gather to do activities together such as entertainment, live music shows and game centers, which make a rapid recovery of this business.
A business for urban people and small families helps reduce the difficulty and time of contact with event location. This business is available depending on the customer’s budget, including transportation, decorative and ritual services. In addition, Thailand is entering an aging society, so this business is likely to grow steadily. This business has grown by 285%.
As a result of economic recovery, entertainment and beauty are still the matters that receive a lot of attention. The service price is not high because there is a large selection of businesses, but some businesses that are popular through social media may have to book to access the service. This business has grown by 193%.
This business has grown by 940%. The reason for this growth is that consumers can purchase small items at a time and these stores are also flexible in making payments, increasing close relationships with people in the community.
This business has grown by 187% after the COVID-19 pandemic. Tourists are more likely to experience nature to heal their lives and minds through nature therapy as well as learn about the lifestyle of people in the community, simplicity, natural food, quiet atmosphere, and relaxation.
This business has grown over 263% due to the lower cost of repairs than new purchases. Many products are priced high due to rising production costs, as well as the need to use them in line with the changing behaviors of the younger generation, less purchasing power, and a trend of environmental protection. People look back on what they have in their daily lives.
The growth of this business is 199%. After the COVID-19 pandemic, media related businesses changed their strategies and expanded their online platforms more, including the beginning of online careers such as influencers, YouTubers, and TikTokers.
This business has grown 125% after Thais and foreigners can go back to enjoy their nightlife again, along with the expanding tourism. This business is a high-margin business, and entrepreneurs can quickly recover their capital. Therefore, it is another sector that has a chance to grow.
At the same time, some businesses need to be monitored in 2024 because they used to be a high-growth business group in 2023, but tend to slow down in 2024. There are three main groups which are:
For example, computers and phones have shrunk by 82%. This is because the price of the new electronic devices and technology nowaday is relatively low, and meet a wider range of customer needs. Consumers can compare prices easily to make sure that the spending is worthwhile. Therefore, this group of second-hand products has become less popular.
For example, silverware and basketry have shrunk by 75% due to the popularity of online sales and almost all kinds of products sold online. This has led to less incentive for tourists to buy goods from visiting there.
The business has shrunk by more than 65% from last year’s strong growth due to the initial relaxation of Covid-19. Guesthouse rooms are a relatively inexpensive option for single travelers, teenagers, and long-term stay.
However, after Covid-19 passed, tourism behavior changed. The popularity of short and medium-term stays began to receive a lot of attention and tourists turned to more convenient rooms or being tourists who are traveling with their family.
As for the monitored group, both businesses are monitored for 2 consecutive years from 2023 to 2024, which are:
That’s because more alternative accommodation options have led to an increase in the number of students staying in apartments and condominiums.
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