Key View: Hong Kong, China’s personal care and effects market is set for steady growth from 2024 to 2028, driven by high disposable incomes both by local consumers and also the substantial expatriate community. Consumer demand is shaped by a focus on personal appearance and a broad selection of products that cater to various price points, including both inexpensive and high-end options. Recent trends indicate a shift towards organic and eco-friendly personal care products. The market is also experiencing a significant increase in the adoption of online sales platforms, which serve to enhance the existing network of physical retail stores, aligning with the tech-forward nature of Hong Kong’s consumer base.
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SCB EIC Sees Possibility of Further Rate Cut This Year
The MPC lowered the policy interest rate to 2.0% due to weaker-than-expected economic growth in Thailand, particularly in the manufacturing sector facing competition from foreign goods. Downside risks also stem from U.S. trade policies. Tight financial conditions and lower GDP growth projections for 2025 were noted.
Thai exports remain strong, supported by a boost from the upturn in the electronics product cycle.
Thai exports in August 2024 grew by 7%YOY to USD 26,182.3 million, exceeding expectations. Factors driving growth included computers, rubber, rice, and gold. Trade balance turned positive, defying expectations, with import growth slower than anticipated. SCB EIC forecasts continued export growth for the year, but challenges remain for future export growth.
SCB EIC anticipates that the MPC still has room to lower the policy rate again next year.
The MPC maintained the policy rate at 2.25%, aligning with SCB EIC’s projections. Economic challenges are expected to increase due to global competition and uncertainties from major economies. Inflation is projected to return to the target range. The MPC shows limited concern over credit growth slowdown.
