The projected real growth in consumer spending in Thailand in 2023 is in line with our Pakgon team’s forecast that the economy will grow at a real rate of 3.6% in 2023, outpacing growth. projected at 3.3% in 2022 nominally
And over the next five years, focus will be on seven factors: identity, rights, environment, experience, technology, well-being and values. Key trends include:
More Self-Care: Consumers will become more self-conscious again. Brands should encourage consumers to value themselves. Empowering people: Brands should focus on consumers. as a co-investor co-creation And be part of the change together with the brand. Excessive fatigue: Consumers are becoming indifferent to ambient noise. They only care about what is important to them.
Pay Attention to Local Products: Subsidizing local products is a way for consumers to control their finances. environmental impact and effects on the mind while they give back to society as well
Mindful shopping: Other factors such as flexibility, durability and sustainability will play an increasingly important role in the consumer’s eyes when evaluating value.
The impact of these trends on markets, brands and consumers in 2023 and beyond is as follows: more self-conscious
“In the past Consumers have a collective mindset. They have reduced personal needs and focused on public health and public safety. when the epidemic situation has begun to subside Consumers have started to pay attention to themselves again.
“When consumers want to reinvent their identity. Brands can fill those needs by encouraging them to learn new skills and master new areas. The demand for mental health and wellness-related products will increase. Because consumers are exploring and understanding things that might otherwise be overlooked. If we look beyond that Consumers will use Metaverse to create unique identities that blend seamlessly with their digital surroundings, resulting in the distribution of identities online. And will cause a movement to demand the protection of consumers and personal data. As consumer digital usage data is more important and complex than ever.”