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Tuesday, April 16, 2024

Thai’s spending behavior changed. Hakuhodo introducing health care trends after the “Covid-19” crisis

As the world continues to change, consumer behavior is changing rapidly which forces businesses to constantly adapt themselves to the changes.

Especially during the past 2 years, the epidemic of the Covid-19 virus has caused everything to change suddenly and caused a new behavior called “Now Normal“. At  present, we all have to learn and adapt to a new way of living in society after adjusting to the situation of COVID-19.

It was found that consumer spending behaviors have also changed dramatically because of the above reasons. In addition, the sluggish economy continues to be another problem that Thai people worry a lot. One of the “Now Normal” behaviors of Thai people that has clearly changed during this period is the Self-care behavior after the situation of COVID-19 and pending behaviors that focus more on health-related products.

Hakuhodo Institute of Life and Living ASEAN (Thailand), we have been committed to conducting studies on ‘Thailand Consumption Forecast’, emphasizing mainly on Thai people’s future consumption trends  every two months to keep monitoring spending trends of consumers & other related issues to helping companies with their marketing efforts as well as observing the new lifestyles emerging in this dynamic region and sharing ideas. We study based on Sei-katsu-sha (Life Living person), which is the heart of Hakuhodo’s philosophy. That doesn’t just describe people as consumers that drive the economy. Rather, it describes the individuality of consumers with different lives, minds, lifestyles, aspirations and dreams.

The April 2022 survey by Hakuhodo Institute of Life and Living ASEAN (Thailand) revealed that Thai people are cautious about their spending, and focus on products related to family and health. As the survival battle with COVID-19 prolongs, they put an emphasis on ‘preventive & proactive health’. Under this trend , we found ‘Sei-katsu-sha insight’;

For preventive health, instead of going to see a doctor in public, Thais would rather seek alternatives to preventively maintain such healthy conditions by using ‘telemedicine’ service that is seen as a safer & more convenient way to get special treatment. People between 40-59 focus more not only to stay healthy for themselves, but they are also concerned about the health of every family member. Thus, telemedicine can ensure the condition that they can treat their family well, save time and stay healthy without risks.

Proactively, more Young Thai start to consume more healthy products to enhance body immunity but seek saver choices. One of beverages that they can start easily is ‘vitamin-water’ as it boosts immunity and relieves stress better than regular drinking water. They prefer to spend more today rather than paying big expenses to cure illness. This behavior shows a more proactive mindset in health even at a young age.

Despite the limitations from the COVID-19 situation. It can be seen that the businesses, both small and large, have to adapt all the time to win the market share under the New Normal seek for preventive health to live their life safely. Hakuhodo Institute of Life and Living ASEAN (Thailand) hopes that businesses, whether small or large, will bring this research results and the  recommendations of the Institute to adapt to their marketing plans in order to be able to cope with the impact of the intense COVID-19 situation to the stagnant economy and able to offer products and services that evolve with the needs of consumers.

By  Ms. Chutima Wiriyamahakul, Business Director at Hakuhodo Institute of Life and Living ASEAN (THAILAND)

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