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
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