Bangkok consumer spending is forecasted to post growth by 0.2% year on year, starting from this 2021. This percentage is following the contraction that is estimated at 11.8% in 2020 as the result of the pandemic and the lockdown measures.
Total Thailand household spending in real terms is going to reach 7.6 trillion baht in 2021. This number is still lower, about 11.6% than the number in 2019: 8.6 trillion baht. Everyone believes that there is going to be an uptick in consumer spending in 2022, especially in the retail and consumer sector.
Conduct Market Research in Bangkok
Market research requires you to learn about many things, including your potential customers, industry, and competitors you should face when expanding to Thailand. Market research is crucial if you really want to expand and run a successful business in a new country.
Market research gives you the right direction to your business and also helps you to fulfill what the consumers want. Market research will help you assess the economic or industry influences, the viability of a product or business idea, and whether your company can grow into the new location or market.
In order to start conducting market research in Thailand, you need to define the objective of the research first. Then you need to develop some research questions. Gathering the research and interpreting the findings will lead you to the right conclusions so you can make the best business decisions.
Unique Bangkok Consumer Spending Trend
Understanding the consumer spending trend allows you to see whether the market is the right one for you and whether your business can grow and develop in the new country. One unique trend you will find in Thailand is that consumers are loyal to their favorite brands.
Though most Southeast Asian consumers are extremely conscious and are willing to switch to other brands if there are better promotions or discounts, consumers in Thailand are willing to get their favorite brands, no matter how much they must pay.
In fact, the analysis also indicates that Thailand citizens are more brand conscious and loyal to their favorite brands in various categories, such as cosmetics, soaps, snacks, beers, and foods. Your company needs to rank higher in a category so you can achieve strong loyalty from Thai consumers.
Thai Women Are Having Awesome Buying Power
By the regional standards, many Thai women are well paid since they are well educated. Those women are also digitally savvy. Older Thai women have the highest employment rates of the other women in the other global economies in North America, Western Europe, and other Asian countries.
Today, many Thai women are liberated, independent, and confident. They feel much more secure when earning salaries of their own. Thai women today are stronger and more qualified since they have double responsibilities: they raise their family and earn income for their household at once.
Thai female shoppers, especially the women who work, are the decision makers for the household purchases. Thai single women and women in general make their purchase decisions across various product categories.
Understanding the new unique trends of Bangkok consumer spending allows you to understand the right strategies to win the market and expand your business to Thailand.