this is an article by a Swedish friend – she is journalist who covers Thailand during the winter.
I think she has a point and the survey is interesting
EXPAT ECONOMY BOOSTS TRADE
– Expats and digital nomads provide a more stable local economy than tourists
Now, even the Thai retail industry has noticed what many on Koh Lanta have seen for a long time: the local economy is booming when more foreigners choose to live in Thailand for longer periods.
On Koh Lanta, it is clear. Long-term expats don’t just rent accommodation and eat out.
For many, Thailand becomes a second home. Whether they own or rent their home, they equip it and buy everything they need for everyday life.
Now, that picture is supported by an analysis from customer analysis company The 1 Insight.
Their report shows that foreign consumers spend 1.5 times more on average than Thai customers and that the growing group of expats, retirees, digital nomads and other long-term residents is becoming an increasingly important driver for Thailand’s retail industry.
The report describes the development as a growing Expat Economy. Consumption is not primarily about souvenirs or luxury goods. Instead, long-term expatriates buy groceries, clothing, beauty products, children’s items, construction materials, home furnishings, vehicles, household appliances, electronics and health products – much like everyone else living in a place.
For shops and other businesses, this means a great opportunity. Instead of being completely dependent on a few intense tourist months, they have a customer group that shops all year round and contributes to a more stable local economy.
The trend also shows that Thailand is increasingly competing with other countries as a country to live, work and live in – not just as a destination for a few weeks of vacation.
However, if Thailand is to fully benefit from a growing Expat Economy, it is necessary for authorities and the government to understand that long-term expatriates are not a threat but a customer group that creates jobs, turnover and tax revenue through their consumption.
For many local businesses, they can be just as important as the traditional tourist flow – and provide a much more stable income all year round.
