Thailand
Thailand: Consumers in the Now Normal
As the world continues to change, consumer behaviour is changing rapidly, forcing businesses to constantly adapt. Over the past two years, the coronavirus pandemic has brought about a host of changes that came to be known as the New Normal, but they might be better be described as the “Now Normal” since they are persisting even as health risks recede. In short, we all have to learn and adapt to new ways of living.
Consumer spending behaviour has changed dramatically because of the conditions over the past couple of years. The sluggish economy continues to be another problem that worries Thai people a lot. One of the “Now Normal” behaviours of Thai people is self-care, with a much greater focus on health awareness and, by extension, health-related products and services.
Hakuhodo Institute of Life and Living Asean (Thailand) surveys future consumption trends every two months to help companies with their marketing efforts as well as observe new lifestyle trends emerging in this dynamic region.
Our studies are based on sei-katsu-sha (the “living person” or holistic person), which is at the heart of the Hakuhodo philosophy. The Japanese expression doesn’t just describe people as consumers that drive the economy. Rather, it describes the individuality of consumers with different lives, minds, lifestyles, aspirations and dreams.
Our April 2022 survey revealed that Thai people are cautious about their spending, and are focusing on products related to family and health. Overall, 28% of respondents said health was the most important thing in life for them at the moment, up from 24% in the previous survey, and another 28% identified family as the most important. As well, 6% mentioned safety, a new category not included in previous surveys.
As the battle with Covid-19 has been prolonged, consumers have put more emphasis on preventive and proactive health. In line with this trend, we found a sei-katsu-sha insight:
For preventive health, instead of going to see a doctor in person, Thais would rather seek alternatives to preventively maintain healthy conditions by using telemedicine services, which are seen as a safer and more convenient way to get the treatment they seek.
People between 40 and 59 are focusing more not only on staying healthy themselves, but ensuring the health of every family member. Thus, telemedicine can help to treat their family well, save time and stay healthy with fewer risks.
Proactively, more young Thais are starting to consume more healthy products to enhance body immunity and make safer choices. Among the beverages gaining popularity is vitamin water as it can boost immunity and relieves stress. These consumers prefer to spend more on healthy choices today rather than having to pay big expenses to cure illness later on. This behaviour shows a more proactive mindset towards health even at a young age.
Despite some of the limitations that the pandemic created, businesses both small and large have had to adapt continuously to win market share in the New Normal and take preventive health steps of their own.
Hakuhodo Institute of Life and Living Asean (Thailand) hopes that businesses, whether small or large, can apply some of our research results and recommendations to adapt their marketing plans. By doing so, they should be better able to cope with economic uncertainty and be able to offer products and services that evolve with the needs of consumers in the Now Normal.
Source: https://www.bangkokpost.com/business/2327443/consumers-in-the-now-normal