Apparel brands and manufacturers fear hit from Trump tariffs: The duties will disproportionately affect the industry, as 97% of the apparel and shoes sold in the US is imported from countries like China and Vietnam.
Thailand has the third-highest number of UHNWIs鈥攑eople with assets over $30 million鈥攊n Southeast Asia, just behind Singapore and Indonesia. That cohort is expected to increase by 14.7% by 2028, according to property consulting firm Knight Frank.
But exports to Association of Southeast Asian nation (ASEAN) countries more than made up for that decline, rising 20.8% YoY thanks to surging demand from countries such as Indonesia (up 37%) and Thailand (28%). Temu and Shein are shifting their ad budgets from the US to Europe in a bid to quickly gain market share before those countries also limit duty-free purchases.