Thai consumers are relatively relaxed and positive, given the country’s success in keeping the coronavirus pandemic under control, but marketers should be aware how the various age groups are responding differently to the current situation.
In a new WARC Spotlight series, Chalinee Hirano, Executive Director, Strategic Planning and Behavioural Insight, Far East Fame Line DDB, breaks down research showing how Thai consumers have adapted to post-lockdown life and outlines the differences across generations.
Respondents from all generations agree that the pandemic has most affected them financially and they’re trying to keep more cash in their pockets during a period of uncertainty.
However, despite increasing financial burdens, older consumers are more sanguine about what’s happening. Gen X, for example, is a ‘crisis-veteran generation’ that has been through similar financial experiences in 1997 when the ‘Tom Yum Kung’ financial crisis ended Thailand’s status as an Asian Tiger economy.
Consequently, this age group accepts it will have to cut down some spending but doesn’t anticipate problems with loan payments.
Generally, for older generations (Baby Boomers, Gen X, and Gen Y) getting ‘value for money’ is now ranked as the top purchasing factor.
Younger Gen Z consumers, on the other hand, appear to be the most concerned and depressed by their first mega crisis.
First jobbers are frustrated and overwhelmed by layoffs and job uncertainties, Hirano reports; 72% of Gen Z respondents have decided that they will spend less, whereas 54% said they would seek extra jobs or sell products online to ease their financial pressures.
This age group is more concerned about product quality, especially in regard to health. They are willing to pay more for products with additional hygiene and safety guarantees.
“Super-premium product positioning may also be plausible for some high-end Gen X consumers who claimed to be the least affected by the pandemic,” Hirano suggests – “this group may potentially emerge after the lockdown as revenge shoppers, similar to its East Asian counterparts.”
For more details, read Chalinee Hirano’s article in full: Understanding the generational differences in how Thailand’s consumers live in the “new normal”.
This article is part of a Spotlight series on how brands can connect better with Thai consumers as the domestic market becomes the main market in times of COVID-19. Read more here.
Sourced from WARC