FACTORS AFFECTING THE IMPORT OF LUXURY GOOD IN THAILAND

Abstract

The objective of this research was to study the factors affecting the import of luxury good in Thailand by utilizing secondary data in the form of annual time series from 2012 to 2024, covering a period of 13 years. The variables employed in the analysis include the value of luxury goods imports, Gross Domestic Product (GDP), exchange rate, crude oil prices, Consumer Price Index (CPI), policy interest rate, import-export price index comparison, political crisis events, and pandemic crisis events. The analysis was conducted using multiple regression through the Ordinary Least Squares (OLS) method. The findings reveal that, despite ongoing economic challenges, the importation of luxury goods in Thailand has continued to exhibit a growth trend, reflecting persistent consumer demand. The factors found to have a statistically significant impact on the value of luxury goods imports are Gross Domestic Product (GDP) and the Consumer Price Index, both of which have a positive relationship with the value of luxury goods imports at a 0.10 significance level. In contrast, other variables-including, exchange rate, crude oil prices, policy interest rate, import-export price index comparison, political crises and pandemic events were found to have no significant effect on luxury goods imports in Thailand.