Capital investment up by THB200m in 2022, but nearly 22,000 businesses fold up
WEDNESDAY, JANUARY 25, 2023
As many as 21,880 businesses with a total registered capital of 127.04 billion baht ceased operations in 2022, the Department of Business Development said on Wednesday.
“This is in line with liquidation trends in the past five years,” said Thosapone Dansuputra, the department’s director-general.
The top three types of businesses going into liquidation were: 2,012 general building construction enterprises, which accounted for 9% of total enterprises that went into liquidation, followed by 1,023 real estate firms (5%), and 623 restaurant businesses (3%).
Businesses with less than 1 million baht capital accounted for 71.52%, or 15,649 businesses. It was followed by 5,200 businesses with capital of 1-5 million baht (23.77%); 916 businesses with 5-100 million baht capital (4.19%), and 115 businesses exceeding 100 million baht capital (0.53%).
In 2022, 76,488 new businesses were established across the country, 3,530 — or 5% — more than in 2021.
The top three businesses were general construction (7,061), accounting for 9%; real estate (4,833), accounting for 6%; and restaurant (3,014) accounting for 4%.
Total capital investment of newly established business was 429.82 billion baht in 2022, up 200.02 billion baht, — 87.04% — over 2021.
Of the newly established businesses, 52,674 (68.84%) have capital of less than 1 million baht; 22,583 businesses (29.52%) have capital in the range of 1-5 million baht; 1,014 businesses (1.33%) have capital of 5-100 million baht; and 217 businesses (0.28%) have capital of over 100 million baht.
As many as 850,480 businesses with a total capital of 21.19 trillion baht are operating in Thailand, as of December 2022.
Of the total, 200,437 — 23.57% — were limited partnership and registered ordinary partnership; 648,661 — 76.27% — were limited companies; and 1,382 — 0.16% — were public limited companies.
Meanwhile, 499,669 businesses — 58.75% — have less than 1 million baht in capital, followed by 257,061 businesses (30.22%) with 1-5 million baht capital, 76,340 businesses (8.98%) with 5-100 million baht capital, and 17,410 businesses (2.05%) with more than 100 million baht.
Despite global slowdown, Asia’s economies show resilience and growth for 2023
WEDNESDAY, JANUARY 25, 2023
Asia can defy a global economic slowdown in 2023 through an acceleration in digital transformation, greater regional coordination, and balanced monetary policies, according to new research from the London-based think tank, Asia House.
The Asia House Annual Outlook 2023 examines how Asia’s economies can prevail and deliver robust growth through increased domestic demand for goods and services, countering the global headwinds of high inflation, tighter monetary policy and increasing geopolitical tensions.
Key among the Annual Outlook’s recommendations are those relating to prioritising innovation – to spur carbon pricing, lower green premiums for zero-carbon alternatives, and boost underfunded and high-impact projects with blended finance.
‘Asia is likely to prove resilient if investment and financial flows are directed to digital and green innovation to underpin sustainable growth and investment,’ the Annual Outlook finds.
However, and mirroring the global outlook, Asia is susceptible to risk and faces multiple and multi-faceted shocks, such as energy-price volatility, geopolitical conflict, and higher borrowing costs.
Asia House assessed eight key economies in Asia across metrics conducive to meeting these challenges. In two indices published today, the think tank analyses the performance of China, India, Indonesia, Japan, Malaysia, the Philippines, Thailand, and Vietnam in the critical areas of green finance and digitalisation readiness – areas that will unlock future productivity and enable sustainable growth across the continent.
Asia House’s Economic Readiness Indices suggest that prioritising economic readiness to tackle both climate change and digitalisation, and the policies that link the two, will create higher growth.
China will see increased growth – albeit sluggish – having abandoned its zero-Covid policies. It also shows an improvement in its scores for economic readiness for green finance.
India will see continued economic recovery and is on track to be one of the fastest-growing economies globally. However, the country is susceptible to financial volatility and it has the lowest readings in readiness for both green finance and digitalisation.
Japan is likely to bear the brunt of multiple financial shocks, including a weak yen and higher energy prices – both of which reduced its Readiness Index for green finance. Japan’s digital readiness scores improved for 2023.
Vietnam is likely to register one of the strongest economic growth rates in 2023, owing in part to its vibrant external sector and domestic policy settings that will catalyse inward investment.
Malaysia is making significant strides, underpinned by the strength of domestic demand and digitalisation.
Thailand‘s economic readiness readings for green finance registered the largest rise according to Asia House.
Indonesia will show economic resilience in 2023. It has struck the right balance in monetary policy in terms of encouraging growth while taming inflation.
The Philippines is likely to grow, which presents an opportunity for the country’s policymakers to improve the domestic ecosystem for green finance and digitalisation.
Asia House comment
Michael Lawrence, Chief Executive of Asia House: “Against the backdrop of a weak global economic outlook for 2023, Asia’s economies may defy the trend and deliver robust growth despite the challenges of high inflation, rising interest rates, fuel price volatility and geopolitical tensions.
“The Asia House Annual Outlook is published to give key insights into the region’s economies and increase understanding of the opportunities and obstacles in Asia in an increasingly unpredictable and turbulent world”.
Phyllis Papadavid, Director of Research and Advisory, Asia House: “Our outlook indicates that Asia’s growth prospects continue to hinge on an acceleration in digital transformation, greater regional coordination, and striking the right balance in broader monetary policy across the region.
“Furthermore, the Asia House Economic Readiness Indices suggest that prioritising economic readiness for both climate change and digitalisation, and the policies that link the two, will be essential for Asia’s higher growth trajectory.”
Policy recommendations
Drawing on the Indices, the Asia House Annual Outlook 2023 report includes several recommendations for policymakers across Asia.
Scaled-up regional coordination in Asia is necessary to bolster economic integration further, particularly in the form of expanded economic zones and investment corridors.
Enhanced and coordinated reserve management is needed at a time when Asia’s reserves are declining.
By adopting carbon-pricing mechanisms, the ‘green-premium’, or the additional costs of opting for green technology, will be reduced. The leveraging of private investment and risk absorption will support scaled-up sustainable finance.
Innovations in blended finance – using development funds to spur private investment – need to funnel capital into high-impact and under-capitalised green projects.
Asia’s broader digital access and digital skills, particularly in the rural sectors in its larger economies, is a policy gap.
Thai exports fell for third successive month in December
WEDNESDAY, JANUARY 25, 2023
Thai exports fell for a third consecutive month in December but the 2022 total rose 5.5% year on year to US$287.06 billion (9.406 trillion baht), according to the Commerce Ministry.
Total imports last year rose 13.6%, leading to a trade deficit of $16.122 billion (528.56 billion baht).
December saw exports contract 14.6% year on year while imports shrank 12%, generating a trade deficit of US$1.03 billion (33.85 billion baht).
December’s export contraction was driven by industrial products (down 15.7%), agricultural products (down 11.6%), and agro-industrial products (down 10.8%).
Thai export markets that saw the biggest expansion in 2022 were the Middle East, United Kingdom, Canada, United States, CLMV, other Asean countries and South Asia.
Thai export growth last year was led by sugar, telephones, gems and jewellery, vegetable/animal fats and oil, transformers and components, semiconductors, and processed chicken.
The Commerce Ministry has targeted a 1-2% export expansion in 2023, lower than the 4% targeted in 2022. It said the lower target was due to the stagnating global economy, baht strengthening, rising fuel prices, and manufacturing costs.
Export expansion this year would be driven by the reopening of border checkpoints, increasing global food demand, and easing of global logistics problems including the container shortage, it added.
Love at First Bite: The Standard, Hua Hin offers Valentine’s Fairytale Romance Package
TUESDAY, JANUARY 24, 2023
Nestled in a lush garden dreamscape with native flora and greenery, The Standard, Hua Hin is set its picturesque beachside setting for this Valentine’s Day.
The only hotel in Thailand to make Conde Nast Traveler’s 2022 Hot List, the colourful retreat is offering exclusive stay and dining offers rich with romance and tropical vibes, including a five-course Valentine’s Day dinner, served in bed on the beachside lawn.
Hua Hin has been a beloved beach getaway for over a hundred years, dating back to the construction of the railroad connecting the bustling metropolis of Bangkok with this dreamy seaside town. By the mid-1920s, it became the chosen holiday retreat for Thai nobility drawn to the undiscovered pristine coastline.
The Valentine’s Day Stay Package at The Standard, Hua Hin can be booked from 12 January to 13 February 2023 for stays between 13-15 February 2023 with rates starting from THB 11,299 net based on double occupancy.
In addition to sunny accommodations with a daily buffet breakfast, the package includes beachside dinner in bed while watching a romantic movie together with a bottle of bubbly on 14 February, and a couple’s DIY Mud Lounge experience.
Lovebirds can also opt to book the Valentine’s Day Dinner-In-Bed experience separately for THB 4,250 net per couple (Early Bird offer) or THB 5,000 net per couple when booking their dinner after 3 February. The price includes a five-course set menu with a bottle of bubbly.
In addition to soaking up the resort’s famously vibrant pool scene, couples staying at The Standard, Hua Hin will find numerous drinking and dining options to suit every taste and innovative spa treatments for a full system reboot, including après-sun therapies and a purifying and mood-enhancing DIY scrub and mud experience.
Standard International is the parent company of The Standard hotels. Created in 1999, The Standard hotels are known for their pioneering design, taste-making clientele, and unrelenting un-standard-ness.
Sun Pharmaceutical and Concert Pharmaceuticals announced on Monday that they have executed an agreement under which Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8.00 per share of common stock in cash, or $576 million in equity value.
Concert stockholders will also receive a non-tradeable contingent value right (CVR) entitling holders to receive up to an additional $3.50 per share of common stock in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods, subject to the terms and conditions contained in a contingent value rights agreement detailing the terms of the CVRs. The transaction was approved by the Boards of Directors of both companies.
The upfront payment of $8.00 per share of common stock in cash represents a premium of approximately 33% to Concert’s 30-day volume weighted average price as of January 18, 2023, the last trading day prior to today’s announcement.
The concert is a late-stage biotechnology company pioneering the use of deuterium in medicinal chemistry. The concert has an extensive patent portfolio, including its lead product candidate deuruxolitinib – an oral inhibitor of Janus kinasesJAK1 and JAK2 for the treatment of Alopecia Areata, an autoimmune dermatological disease – which is in late-stage development.
Concert has completed the evaluation of the efficacy and safety of deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its THRIVE-AA Phase 3 clinical program and two open-label, long-term extension studies are ongoing in North America and Europe. Sun Pharma’s immediate focus would be to follow Concert’s plan to submit a New Drug Application (NDA) to the US Food and Drug Administration (FDA) in the first half of 2023.
Alopecia Areata is an autoimmune disease in which the immune system attacks hair follicles, resulting in partial or complete loss of hair on the scalp and body. Alopecia Areata may affect up to 2.5% of the United States and the global population during their lifetime.
The scalp is the most commonly affected area, but any hair-bearing site can be affected alone or together with the scalp. The onset of the disease can occur throughout life and affects both women and men. Alopecia Areata can be associated with serious psychological consequences, including anxiety and depression. There are currently limited treatment options available for Alopecia Areata.
“Sun Pharma is building a global Dermatology and Ophthalmology franchise and aims to be a preferred development and commercial partner in these therapies worldwide. The acquisition of Concert adds a late-stage, potential best-in-class treatment for Alopecia Areata in deuruxolitinib,” said Abhay Gandhi, CEO of North America, Sun Pharma. “There is a significant unmet need in the Alopecia Areata space and we aim to build on Concert’s commitment to supporting the Alopecia Areata patient community. We are well-positioned to successfully bring this product to market globally. I look forward to welcoming the exceptionally talented Concert team who have worked tirelessly to develop the product to bring it to market.”
“We are pleased to enter into this exciting transaction with Sun Pharma, which delivers substantial value to our shareholders and is the outcome of a thorough review process overseen by the Concert Board,” stated Roger Tung, Ph.D., President and CEO of Concert. “Our mission at Concert has always been to translate innovative science to clinical solutions in order to meaningfully improve patients’ lives. We are proud to see our team’s accomplishment – creating a valuable new drug candidate for a major, underserved disease – appropriately recognized and valued by Sun Pharma as a means to expand their ongoing, international commitment to dermatology. I am confident that this transaction will maximize value for our shareholders and enhance access to deuruxolitinib for patients with Alopecia Areata.”
Transaction Terms and Timeline to Closing
Under the terms of the merger agreement, Sun Pharma will promptly commence a tender offer to acquire all outstanding shares of Concert common stock. Concert stockholders will be offered an upfront payment of $8.00 per share of common stock in cash. Concert’s Board of Directors unanimously recommends that Concert stockholders tender their shares in the tender offer.
Concert stockholders will also receive a non-tradeable CVR, which entitles Concert stockholders to receive up to an additional $3.50 per share of common stock in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods, subject to the terms and conditions contained in the contingent value rights agreement detailing the terms of the CVRs.
These milestones, subject to terms and conditions as specified in the contingent value rights agreement, include: (i) $1.00 per share of common stock, payable the first time in any fiscal year between the time of the first commercial sale of deuruxolitinib in the U.S. and March 31, 2027, net sales of deuruxolitinib is equal to or exceeds $100 million, and (ii) an additional $2.50 per share of common stock, payable the first time that in any period of four consecutive fiscal quarters between the time of the first commercial sale of deuruxolitinib in the U.S. and December 31, 2029, net sales of deuruxolitinib is equal to or exceeds $500 million. There can be no assurance that any payments will be made with respect to the CVRs.
The transaction is expected to be completed in the first quarter of 2023. The transaction is subject to the tender of a majority of the outstanding shares of Concert’s common stock, as well as the receipt of applicable regulatory approvals and other customary closing conditions. Following the successful closing of the tender offer, Sun Pharma will acquire all remaining shares of Concert that are not tendered into the tender offer and all shares of Concert’s preferred stock through a second-step merger at the same price of $8.00 per share of common stock, plus one non-tradeable CVR. The merger will be effected as soon as practicable after the closing of the tender offer.
For the nine-month period ending September 2022, Concert reported total revenue of $29 thousand and a net loss of $90.6 million. The R&D expense for that nine-month period was $75.7 million. As of September 30, 2022, Concert had approximately $148.9 million in cash, cash equivalents and investments.
Sun Pharma had net cash of $1.6 billion as of September 30, 2022.
Marriott Bonvoy presents extraordinary travel experiences to celebrate diversity, equity and inclusion across APAC in 2023
TUESDAY, JANUARY 24, 2023
Members can get up-close-and-personal with top players at the Australian Open, including Marriott Bonvoy Ambassador, Ash Barty, and celebrate pride at the Sydney Gay and Lesbian Mardi Gras and Gay Games Hong Kong.
Singapore – Marriott Bonvoy, Marriott International’s award-winning global travel programme and extraordinary portfolio of 30 hotel brands, presents a year-long line-up of incredible experiences to celebrate diversity, equity and inclusion across APAC. From championing Women in Sports at the Australian Open, to celebrating pride at the Sydney Gay and Lesbian Mardi Gras and Gay Games Hong Kong, Marriott Bonvoy members can pursue their passions and enjoy once-in-a lifetime experiences through the Marriott Bonvoy Moments.
“Travel has the transformative power to connect people – whoever they are and wherever they may come from. It opens up perspectives to the places we visit, the people we meet and the cultures we experience,” elaborated Julie Purser, Vice President, Marketing, Loyalty and Partnerships, Marriott International, Asia Pacific. “Marriott Bonvoy is proud to be collaborating with these cornerstone events that underscores our values of welcoming all. Through these curated collaborations, we also hope to rally travellers and empower advocates to celebrate diversity, equity and inclusion together with us.”
Get inspired by the best Woman in Sport
The Australian Open (AO), one of the most highly anticipated sporting events in the region, returns this January with an unmissable Summer of Tennis. For the second year running, Marriott Bonvoy partners with tennis champion and 2022 AO winner, Ash Barty, to spotlight the shared passion for inclusivity and women in leadership through a collection of incredible moments that fuel members’ joy for travel and change the way in which they see the world.
Members can get up-close to the action with coveted tickets to the Women’s Final in the Superbox and tennis clinics with Barty herself. Fans also gain exclusive access to premium viewing tickets across marquee matches in both Women’s and Men’s finals, meet-and-greets with Australian tennis legends and the opportunity to take photos with the Daphne Akhurst and Norman Brooks trophies.
Celebrate love at APAC’s grandest Pride events
This February, WorldPride will be coming to Sydney for the first time, combining with the Sydney Gay and Lesbian Mardi Gras for the largest Pride celebration in the world, with W Hotels, part of Marriott Bonvoy, as its exclusive hospitality partner. As a brand, W Hotels has always been a platform for individuals and communities, and this three-year collaboration underscores the brand’s legacy of being a voice for progressive ideals. Marriott Bonvoy’s portfolio of hotels across Sydney will be showcasing a range of exhilarating experiences to host guests and Marriott Bonvoy members through this global celebration of diversity and inclusion.
In addition, Pride Month in June will see celebrations in W Hotels across several destinations including W Bangkok and W Koh Samui.
The Gay Games – the world’s largest sports and cultural event open to all – makes its way to Asia for the first time ever, from 3 to 11 November 2023 in Hong Kong. Platinum partner, Marriott Bonvoy, presents a tailored “Feel Your Pride and Share Your Love” stay package to celebrate a week of diverse cultures, sports and inclusivity. Guests of the 13 participating hotels, including The Ritz-Carlton Hong Kong, The St. Regis Hong Kong and W Hong Kong, can create unforgettable memories with access to exclusive Pride-themed experiences, offers to discover the city, and a special welcome gift. Packages are now available for booking via the Marriott Bonvoy website here or mobile app.
Marriott Bonvoy Moments gives members the chance to use points earned from travel at nearly 8,200 hotels and everyday activities, such as cobrand credit card purchases, to bid for the chance to take part in exclusive Marriott Bonvoy Moments experiences all over the globe. Members may redeem their points for either fixed-price experiences or use them to bid on packages through auctions.
CLSA will host the 19th CITIC CLSA Asean Forum from 8-10 March 2023 in Bangkok
TUESDAY, JANUARY 24, 2023
After two years of virtual conferences, CLSA will host the 19th CITIC CLSA Asean Forum in person from 8-10 March 2023 at the Grand Hyatt Erawan Bangkok.
This year’s event will bring together over 280 institutional investors with senior executives from leading regional companies and an outstanding lineup of industry thought leaders delivering actionable insights over three days.
While global markets work through inflationary and recessionary pressures, Asean continues to provide investment opportunities in a post-pandemic world. CLSA Chief Equity Strategist Alex Redman anticipates relative emerging markets outperformance, a forecast supported in part by the recent unravelling of the US dollar rally.
Around the region, we see Indonesia leveraging substantial resources to attract manufacturing investment from multinational corporations looking to diversify supply chains. A new Malaysian government and a forthcoming election in Thailand add another political dimension to a region that boasts US$10tn in GDP. Home to 670m people, population growth remains a core driver in Asean for 2023.
Edward Park, Chief Executive Officer of Institutional Equities at CLSA, said: “Asean has become an increasingly attractive investment destination for global investors looking to tap into the enormous opportunities emerging markets can offer. With US$10tn in GDP, there are numerous growth possibilities. Our Forum is a reputable platform for corporates and investors alike to delve deeper into the region’s long-term transformation and commercial development prospects.”
Shaun Cochran, Head of Research at CLSA, added: “As the world returns to a normalising interest rate environment, real economy investment and innovation will be favoured over the dominance of financial innovation seen during the prior decade. Coupled with shifting geopolitics that will transform global production footprints, the relative merits of the young and growing populations of emerging markets – especially Asean – have never been stronger. This is despite historically compelling relative valuations. In the transition to a post-Covid world, our Asean Forum is ideally timed to ensure investors get ahead of this impending secular shift.”
More stores and e-commerce key strategies as Jaspal eyes expansion in Asean markets
MONDAY, JANUARY 23, 2023
Jaspal Co Ltd, a leader in Thailand’s fashion retail industry, has unveiled its 2023 overseas expansion plan with the goal of becoming a leading “regional fashion and lifestyle retailer”.
Jaspalaims to achieve a leap in overseas sales by focusing on Asean markets, particularly Vietnam, Cambodia and Malaysia, where it has made inroads, and the high-growth Philippines market for the first time.
The company will focus on a number of its flagship brands, including Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps and Jaspal, as well as import premium and sports brands to strengthen its portfolio and cater to all fashion shoppers in the targeted Asean markets.
Yosathep Singhsachathet, deputy chief executive officer of Jaspal Co Ltd, said, “We want to build upon our success after having become a leader and key driving force in Thailand’s fashion retail industry. In the next step, we aim to become a regional fashion and lifestyle retailer by expanding our overseas stores, especially in Asean countries, many of which have high growth potential, high purchasing power and fashion tastes similar to the Thai market.”
“We have established subsidiaries in target Asean countries to enable quality control of products and services and carry out effective marketing communication, which, ultimately will serve our goals of delivering the best experiences and impressions to customers in each country,” he said.
In 2022, the company was active in three countries with a total of 70 stores. In Cambodia, the company managed Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps, Lyn Beauty, Mango, Super Dry, Fred Perry, Champion, Asics, and New Era. In Vietnam, it managed Lyn, Lyn Beauty, Jelly Bunny, Lyn around, Fred Perry, and Diesel, and in Malaysia, it managed Jelly Bunny.
Last year, the company launched Lyn Beauty, its own in-house brand of cosmetic products, in Vietnam via stores and online channels, modelled after the successful business in Thailand. It also pushed for growth for various other brands under its management with the opening of the first Fred Perry stores in both Vietnam and Cambodia, as well as a New Era store in Cambodia and a Diesel store in Vietnam. The company also launched “StudioJPS.com“, the fashion multi-band website targeting the Cambodian market.
The company expects its planned expansion in Asean countries in 2023 to boost its overseas sales. The company outlined its various brand and channel strategies:
* For In-house brands of Jaspal Co Ltd, including flagship brands such as Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps and Jaspal, which have an established customer base in Thailand and some foothold in other countries, the company will open more stores and e-commerce channels to increase coverage and provide access to more customers. In addition, it will open the first Jaspal brand store in Cambodia in the first quarter of 2023, the deputy CEO said.
* For brands that the company manages as an authorised importer and distributor, it looks to expand its role and find more premium and sports brands. The company already manages global brands, such as Mango, Super Dry, Fred Perry, Champion, Asics, Diesel, and New Era. The company will focus on expanding overseas customer base among those with high purchasing power in keeping with the growth of the fashion industry in each target country, Yosathep said.
* Regarding store locations, the company will give priority to top shopping centres in each country, with consideration for economic growth and customer demand in the areas where the shopping centres are situated as well as customer traffic in order to reach more customers, Yosathep said. It will also focus on the interior design of the stores and display to reach the brands’ standards, which will reinforce the brand image. In addition, it would provide professional staff members who are skilled at giving recommendations to customers and providing great experiences and impressions, he added.
* For the online business, the company will utilise its expertise with 27 e-commerce sites across Asean, each of which is handled by a specialised and experienced team, a strategy the company has been using to reach customers and generate sales. The e-commerce sites are divided into four groups: brand websites; popular marketplace platforms in each country, such as Lazada, Shopee and Zalora; the multi-brand website StudioJPS.com targeting the Cambodian market managed directly by the company; and, social commerce platforms such as Facebook, TikTok and Line, he said.
The diverse range of online platforms can answer a wide range of different challenges in different countries, including varied customer behaviour and market growth, Yosathep said. In some markets, such as Malaysia and Vietnam, revenue from e-commerce accounts for a high portion of about 9-10 % of the total revenue, he added.
According to Statista, the Thai apparel market will expand by 3.1% in 2023, by 7.7% in Vietnam, 7.5% in Cambodia, 8.2% in Malaysia, and 11.1% in the Philippines.
“This has led us to feel confident of our plan to expand our businesses to the four target Asean countries and benefit from the high growth of those markets, which will help us achieve the status of the top regional fashion and lifestyle retailer,” Yosathep said.
Innovative dining, extinct aromas, absurdist holidays just some of the top 2023 trends
TUESDAY, JANUARY 24, 2023
Farida Waller
“Feel-Good Feeds” and “Absurdist Stays” are some of the business trends predicted in this year’s Wunderman Thompson Intelligence report “The Future 100: 2023”.
“Community, creativity and colour vibrantly paint 2023 as last year’s boundless optimism shifts to an exuberant need for uplift and play,” explained Emma Chiu, global director of the creative consultancy agency Wunderman Thompson Intelligence.
Here are some of the trends that promise businesses a splash of colour, inspiration and an insight into the unfolding year.
Tech & Metaverse
#16 Feel-Good Feeds
People are shifting more into the virtual realm, with 76% wanting an avatar in the Metaverse to express their individuality in ways they cannot in the physical world, according to Wunderman Thompson Intelligence’s “New Realities: Into the Metaverse and Beyond” report.
“Identity traverses both the physical and digital. I see identity design as the next important step to how we communicate and interpret multiple selves in the Metaverse,” said identity designer and beauty futurist, Alex Box.
Travel and Hospitality
#22 Absurdist Stays
Travellers are becoming more adventurous as the weird and wonderful take centre stage.
The top three destinations for 2023 have been identified as Morocco, Kyoto and Tanzania.
With its mild climate, rich history, desert, beaches, and relative affordability, Morocco is attracting a new wave of remote workers.
Kyoto, meanwhile, is offering a more meaningful experience through a more tailored itinerary to tourists, including private tours of castles, celebrating local tastes and small excursions.
Tanzania is “perfect for solo travellers, particularly women who may not feel comfortable alone”, said Chanice “Queenie” Williams from the “Fly with Queenie” site in an interview in the Washington Post.
Beauty
#53 Resurrected Ingredients
Brands are using rare flowers and forgotten sensory ingredients for their latest creations. One project aims to revive lost scents by engineering fragrances from DNA extracted from samples of extinct flowers.
The Odeuropa project in Europe is using artificial intelligence to recreate aromas going back to the 16th century to identify “how the smell was expressed in different languages, places, events and linking them to emotions”, Odeuropa says.
Resurrected ingredients simultaneously help preserve nature as it is today, while securing its history for future generations.
Luxury
#76 Wellness Guilds
Luxury brands are pushing the boundaries of reality by looking into the magical and mystical world for inspiration along with reflecting a desire for exploration as well as wonder.
Luxury brands like Gucci and Burberry are venturing into the unknown with campaigns that are inspired by mystical encounters, mythological places, fairy tales and otherworldly creatures.
“It’s not a hieroglyph for an elite; it talks about life. It’s a mirror,” says Gucci director Alessandro Michele.
Work
#91 Rewirement
Artificial intelligence (AI) is fast becoming a vital tool for companies as they seek to improve efficiency and automate tasks.
Chinese gaming company NetDragon Websoft, which operates multiplayer online games and apps, has even appointed an AI-powered virtual humanoid robot as CEO of its subsidiary company, Fujian NetDragon Websoft.
The virtual CEO will be tasked with streamlining the company’s processes, enhancing the quality of its outputs, improving the speed of execution, as well as supporting daily decision-making.
Virtual leadership “will change the world as we know it, forever”, says Marek Szoldrowski, president at Dictador Europe.
Apart from these topics, the report also addresses other subjects, such as Culture becoming more vibrant and empowered with “Elevated Expressionism”, Brands and Marketing introducing “Meta-inclusivity”, with a trend towards authenticity, and “Intrepid Dining”, with innovative menus, theatrical preparation and extreme locations.
Similarly, Retail and Commerce trends focus on “Cocreative Commerce” as brands adjust to the changing consumer landscape by reimagining the presentation of products, and Health, with a new focus on the “Superself” as populations age and people get “supercharged” with self-care.
The Korean Cultural Centre on Sukhumvit Road is hosting “Sawasdee Pee Mai Kaoli” on Tuesday to give Thais a taste of the Korean Lunar New Year, which is very different to the Chinese version.
The event opened with university students majoring in the Korean language paying respect to South Korean Ambassador Moon Seung-hyun and members of the Thai Korean War Veterans Association.
This ceremony called “Sebae” is much like Thailand’s “rot dam nam hua” ceremony, which is marked during Songkran.
The Tuesday event also includes other traditions like skits, making rice cakes and wearing traditional costumes. Traditionally, the oval rice cakes are beaten using a mallet called the tteokme before they are used to create tteokguk soup. The oval-shaped cakes are white symbolising a bright, prosperous new year.
“The Korean New Year has a warm family culture, as the family gets together by paying respect to the elders, eating symbolic dishes and enjoying traditional plays,” Cho Jae Il, director of the Korean Cultural Centre, said.
“I hope many Thais come and enjoy our ‘Seollal’ experience, which is different from the Chinese Lunar New Year.”
Unlike the Chinese New Year, which is symbolised by the colour red, the Korean version uses white to signify fresh new beginnings.
The event, which saw some 1,000 visitors, also included traditional musical performances. Entrance was free.
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