Thai society sets the card to tighten the belt Reduce expenses to fight COVID
On February 19, 2021 at 18:50
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Point out consumer behavior in Thai society, setting up a card, tightening belts, reducing spending, focusing on multipurpose products amid the effects of COVID-19
Hakuhodo ASEAN Wellbeing Research Institute (Thailand), in collaboration with Hakuhodo Bangkok, has released the results of the February 2021 survey of forecasting consumer spending behavior in Thailand. Spend what you need due to the COVID situation. And looking for products that serve multiple purposes With the trend of spending declining in almost every region and almost every age of the Thai population.
Ms. Chutima Wiriyahakul, Business Director The Haku Hodo Asean Health Research Institute (Thailand) said that the research institute conducted a 2-month study on the trends of consumption of Thai people, the latest one being an online survey from 8-15 January 2021. Male and female, 1,200 people aged 20-59 years from all over the country. Two important indicators of consumer spending behavior in Thailand were found:
1. Thais tend to be cautious of their spending until the situation of COVID-19 is infected. In the country will be better The return of COVID has significantly reduced the demand for spending and happiness levels compared with the November 2020 survey due to uncertainty and the ongoing economic downturn. The trend of spending demand was 54 out of 100, down from 57 in the previous survey. While the current happiness score is 64 out of 100, down from 66 in the previous survey.
Reasons for people rating higher-than-average demand, such as wanting to stock up on products to avoid going out. Use more food delivery services Buy something to reward yourself or give as a present for your partner. The reasons for those who rated lower than average demand, for example, decreased income from the impact of the COVID situation. Buy to replace old items Worried about family finances and unemployment
2. Products that serve a variety of purposes and use are clearly desirable. Nationwide survey respondents spoke of purchasing goods and services that were not just convenience. But also help meet other needs in life such as smartphones (for work and for children to study online), cars (for leisure and work), home decoration. (For beauty and comfort) side Ms. Manatrin Na Ranong, Deputy Director of Strategic Planning of Haku Hodo Bangkok and Ms. Promporn Suphattharavanich, Strategy Planning Manager The Haku Hodo ASEAN Institute of Living (Thailand) said that the epidemic of COVID-19 The second wave made people wary. Want to stock up on more products And focus on spending what is necessary only The top five products or services that consumers want to buy are food, daily necessities Mobile phones and smartphones, clothing and personal computers
When classified by region It was found that the demand for spending decreased in almost all regions. Especially in Bangkok and its vicinity And eastern There is only the northeastern region that tends to need more spending. Which may be caused by immigration from Bangkok Return homeland due to COVID And when classified by age range There is only a 20-29 year old age that tends to be in constant demand. Because I want to relieve the feeling of boredom from staying home for a long time. By wanting to buy beauty products Or a new mobile phone As for other age groups There is a trend in demand for spending decreased.
The survey also found that news of the second wave of COVID coverage ahead of the New Year’s holidays led to a rise in the news of the coronavirus from 4 percent in the November 2020 survey to 81 percent in the survey. This latest survey It also resulted in the festive mood of the Thai people in early December to become lonely during the New Year’s Eve, welcoming the New Year from the ban on public celebrations. And most Thais have canceled their travel in the country. Moreover, the impact of the coronavirus has made political fervor. That was the highest in the previous survey at 57 percent, down to just 3 percent.
This case study is a research study that will be surveyed every 2 months. Hakuhodo ASEAN Well-Being Research Institute (Thailand) in collaboration with affiliated companies To monitor the movement and forecast consumer spending behavior in Thailand And can also follow more information on Facebook https://www.facebook.com/hakuhodohillasean
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