Thai Consumers Adapt Spending Amidst Economic Challenges
A shift towards experiences, savings, and strategic investments
The ACSS 2024 report, developed alongside Boston Consulting Group, highlights changing consumer spending behaviors in Thailand amidst economic pressures.
With inflation at the forefront—cited by 64% of survey respondents—consumers are curbing non-essential spending and seeking alternative income sources.
Despite these challenges, there is a noticeable shift towards experiential spending, with more than 40% of consumers enhancing their spend on experiences like travel and events.
This trend is particularly strong among Gen Z and Gen Y, with Visa Thailand data showing a decline in luxury spending but a rise in experiential expenses.
International travel remains robust, focused on ASEAN countries such as Singapore and Malaysia.
Despite this increase in experiential spending, Thai consumers, particularly younger generations, are committed to financial resilience.
A significant 57% maintain emergency savings above the regional average.
UOB Thailand observed a surge in deposit account ownership and investments among younger demographics, reflecting a growing focus on long-term financial security.
Yuttachai Teyarachakul from UOB Thailand underscores the importance of financial preparedness and continued support in areas like health insurance to empower young Thais.
With inflation at the forefront—cited by 64% of survey respondents—consumers are curbing non-essential spending and seeking alternative income sources.
Despite these challenges, there is a noticeable shift towards experiential spending, with more than 40% of consumers enhancing their spend on experiences like travel and events.
This trend is particularly strong among Gen Z and Gen Y, with Visa Thailand data showing a decline in luxury spending but a rise in experiential expenses.
International travel remains robust, focused on ASEAN countries such as Singapore and Malaysia.
Despite this increase in experiential spending, Thai consumers, particularly younger generations, are committed to financial resilience.
A significant 57% maintain emergency savings above the regional average.
UOB Thailand observed a surge in deposit account ownership and investments among younger demographics, reflecting a growing focus on long-term financial security.
Yuttachai Teyarachakul from UOB Thailand underscores the importance of financial preparedness and continued support in areas like health insurance to empower young Thais.
