Thai Consumers Shift to Essential Goods Amid Economic Concerns

[snoop1130]

 

In the face of growing economic uncertainty, Thai consumers are adjusting their spending habits significantly, as revealed by PricewaterhouseCoopers' (PwC) latest survey. With 54% of respondents expressing significant concern over macroeconomic volatility, a cautionary trend towards essentials spending is evident.

 

The "Voice of the Consumer Survey 2024: Asia Pacific – Thailand Snapshot" presented the findings, showing that economic uncertainty surpasses worries about inflation (53%) and cyber risks (41%). Pisit Thangtanagul, CEO of PwC Thailand, noted that Thais now seek value for money more than ever.

 

Conducted with 504 participants between January and February 2024, the survey shows a shift in intent to increase spending on groceries (69%), health and beauty products (60%), and electronic devices (52%) over the next six months. Additionally, 40% of consumers are willing to switch to cheaper brands for better value.

 

Social media has emerged as a leading shopping platform, with 73% of Thai consumers having made purchases through these channels, surpassing both regional (56%) and global (34%) averages. However, concerns about privacy and data security remain high, with 77% of consumers wary about data sharing on these platforms.

 

 

 

 

Environmental sustainability also plays a crucial role in consumer choices. An overwhelming 95% of respondents acknowledged the impact of climate change on their lives, and over half are ready to pay an average of 11.7% more for sustainable products. The preference for eco-friendly options such as waste reduction, recycling, and sustainable packaging is on the rise.

 

The survey also highlights substantial interest in electric and hybrid vehicles, with 79% of respondents showing interest in owning an EV or HEV.

 

In light of these insights, Pisit stressed the importance of integrating data protection measures and sustainability initiatives to align with consumer expectations. He recommended the use of advanced technologies, including GenAI, and a balance between online and offline marketing strategies to boost customer engagement and trust.

 

Thai consumers’ evolving spending patterns and concerns amid economic challenges call for businesses to adapt strategically, catering to both practical needs and eco-friendly preferences.

 

File photo for reference only

 

-- 2024-09-13
 

 

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[connda]

Wait until Peua Thai hands out 1/2 a Trillion THB in vote-buying money.  Then watch the price of food and other goods accelerate to 20% to 50% of their current prices.
Thais think it's bad now.  Wait for a year after the "Thanks For Voting Us Into Office" money starts to deflate the THB as the money supply sky-rockets. 

"It's digital money!!!"

It doesn't make any difference.  That's 1/2 a Trillion THB injected into the Thai economy in a short period of time.  It's highly inflationary.

Got Gold? 

[connda]

24 minutes ago, snoop1130 said:

An overwhelming 95% of respondents acknowledged the impact of climate change on their lives, and over half are ready to pay an average of 11.7% more for sustainable products.

Buffalo Excrement.  🐂💩

[spidermike007]

The same thing is happening in the US and in Europe as many people are finding it very hard to cope with the skyrocketing cost of living, and minimal increases in wages.

 

Consumer confidence is incredibly low right now regardless of what the government says. Could be the upcoming election, two wars raging, or? I have a lot of friends that are in retail and everyone says the same thing, most people are not buying things that are not real necessities at the moment. 

 

 

[connda]

4 hours ago, spidermike007 said:

The same thing is happening in the US and in Europe as many people are finding it very hard to cope with the skyrocketing cost of living, and minimal increases in wages.

 

Consumer confidence is incredibly low right now regardless of what the government says. Could be the upcoming election, two wars raging, or? I have a lot of friends that are in retail and everyone says the same thing, most people are not buying things that are not real necessities at the moment. 

 

 

So they cut rates.  Stock markets scream; average citizens pay.

[hotchilli]

12 hours ago, snoop1130 said:

In the face of growing economic uncertainty, Thai consumers are adjusting their spending habits significantly, as revealed by PricewaterhouseCoopers' (PwC) latest survey. With 54% of respondents expressing significant concern over macroeconomic volatility, a cautionary trend towards essentials spending is evident

When out of pocket the luxuries go out of the window...

But hey, the digital wallet will solve all.

[mdr224]

12 hours ago, connda said:

Wait until Peua Thai hands out 1/2 a Trillion THB in vote-buying money.  Then watch the price of food and other goods accelerate to 20% to 50% of their current prices.
Thais think it's bad now.  Wait for a year after the "Thanks For Voting Us Into Office" money starts to deflate the THB as the money supply sky-rockets. 

"It's digital money!!!"

It doesn't make any difference.  That's 1/2 a Trillion THB injected into the Thai economy in a short period of time.  It's highly inflationary.

Got Gold? 

Youve got the problem right, not the solution though

[Suua]

14 hours ago, connda said:

Wait for a year after the "Thanks For Voting Us Into Office" money starts to deflate the THB as the money supply sky-rockets

They were not voted into office......

[newbee2022]

15 hours ago, snoop1130 said:

waste reduction, recycling, and sustainable packaging is on the rise.

Well, sounds good, but I see everywhere plastic bags with or without rubbish. And at the beach no day without plastic bottles and other plastic stuff, sometimes broken glass, shards. 

It's a long way to go, starting at home, then kindergarten, schools, university.