Published on : Jun 06, 2017
Albany, New York, June 6, 2017: Thai people have low income, but they still prefer Luxury products, services and luxury lifestyle. With a prime focus on Thailand consumer’s spending patterns and goals in the market, Market Research Hub (MRH) has recently announced the inclusion of a new study to its wide portfolio of research reports, which is titled as “Thailand Consumer Market Study – 2017”. The research study provides readers with annual year-end market size data, most recently updated in 2017. Specifically, five major aspects of metro Thai lifestyles are examined which includes spending patterns, goals & aspirations, health & wellness and the environment.
This report offers a quick, clear and comprehensive understanding of consumer trends, attitudes and behavior in Indonesia with relevant data. The median age of the Thai population is 37 years old; the population is aging and increasingly urbanized. Strong economic growth over the past decade has resulted not only in a quantitative expansion of the retail sector but also a fundamental shift in consumer preferences and behavior, particularly in the major urban areas. The report analyzes the spending patterns of consumers and finds that economic climate slows consumer spending from the past few years.
As per the findings of the report, online shopping and social media have developed rapidly in Thailand which offers prime appeal and technology is important to consumers. The rise in internet and social media usage has contributed to huge changes in consumer behavior in Thailand. Moreover, the study analyzed the goals and aspirations of Thai consumers. Middle to upper-income Thai consumers have an aversion to low-quality products and are attracted to branded goods. They also tend to be image-conscious. Less than half of Thai consumers report buying based on brand-name recognition, and first-time buyers often buy on price alone.
Moving further, it has been analyzed that positive economic conditions in Thailand during 2016 improved consumers’ disposable incomes has increased their willingness to spend on health and wellness products. The pickup in Thailand’s economic conditions also saw consumers face increasingly hectic lifestyles and thus seek convenient methods of using health and wellness products to boost their wellbeing and manage their weight. Growing obesity and the need to curb sugar and fat consumption, need for clean eating, growth in non-dairy and avoidance of dairy/lactose are some of the prime reason for growing awareness. The Thailand government continued its intensive efforts to promote healthy living has given the high obesity rate of 32%, aging population and other issues. Consumers’ health awareness thus remained high and was even rising.
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