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While there are pockets of opportunity in emerging markets like India, Thailand, and the Middle East, global economic uncertainty is taking its toll on luxury sales. Go further: Read our reports on US Luxury Consumers and Their Path to Purchase and Luxury Ecommerce.

Retail ecommerce sales growth in Southeast Asia鈥擨ndonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam鈥攊s projected to accelerate from 3.5% in 2023 to 8.0% in 2024. This is led by Indonesia, Thailand, and Singapore, where growth will increase to 5.0%, 14.0%, and 2.5%, respectively, this year. This is up from 1.6%, -3.0%, and -0.5%, respectively, in 2023.

India and Thailand have the fastest-growing pet care markets (including food and products) in Asia-Pacific, with CAGRs of 9.4% and 8.7%, respectively, between 2024 and 2029, per Euromonitor. These markets are driven by increased pet ownership, the growing number of nuclear families, increased disposable incomes, and changing attitudes toward pets.

TikTok Shop is now piloting sales of local services (e.g., food delivery) in Indonesia and Thailand, following in the footsteps of its sister app in China. It has also increased its investment in Indonesia, Asia-Pacific鈥檚 fifth-largest ecommerce market.

The hikes range from 29% to 45% in Australia, Malaysia, New Zealand, Singapore, Taiwan, and Thailand and face strong customer reprisal. The change is particularly relevant in Australia, where Microsoft 365 Personal yearly subscriptions jumped to AUD159 from AUD109 (to $105 from $72). The company said price changes would not affect business or enterprise customers.

Thailand implemented similar measures in July. AliExpress鈥� reputation in South Korea has suffered due to poor product quality. In the past couple of years, the cross-border arm of Alibaba has made inroads in South Korea due to its cost-of-living crisis. But the ecommerce platform has also been dealing with mounting consumer complaints over a range of product issues.

Nearly 50% of social network users in Thailand will be TikTok users, giving the country the highest TikTok penetration in the world, according to our forecast. The US will rank second, with 45.3% of its social users on TikTok. We expect penetration in the US will be as high as 49.1% by the end of 2026.

TikTok looks strong in Asia as it faces bans elsewhere: Countries including Indonesia, Vietnam, and Thailand fuel the app's growth in its home region.

Export-driven nations鈥攕uch as China, Vietnam, Indonesia, Thailand, and key EU markets鈥攎ay face major hurdles as high volumes of US-bound goods encounter new barriers. Companies relying on these supply routes are battling rising costs and increased supply chain risks.