2024 Gen Z and Millennial survey results in Thailand

Key Points:

•    Thai Gen Z and Millennials are experiencing less stress and anxiety compared to the previous year, with the cost of living remaining the top concern.

•    Regarding economic and social issues, both Thai Gen Z and Millennials have lower expectations from the public and private sectors. They increasingly believe in their power to create social change, have clear work goals, seek jobs that align with their purpose, prefer organizations that share their values, and choose not to engage in activities that conflict with their values.

•    On environmental issues, both Thai Gen Z and Millennials are significantly more concerned than the global average. They believe that the government and businesses should play a larger role. The younger generation is willing to drive this issue forward by advocating within their organizations and paying more for eco-friendly products.

•    In terms of work, young Thais choose organizations that provide a balance between life and work, offer learning opportunities, and meaningful jobs. Overall, both Thai Gen Z and Millennials feel that their employers care about their well-being and show more empathy compared to the global average.

Deloitte Thailand has released the Deloitte Global 2024 Gen Z and Millennial Survey – Thailand Perspectives, which reflects the views of Thai Gen Z and Millennials on the economy, society, and the environment.

The Global 2024 Gen Z and Millennial Survey, conducted by Deloitte for the 13th consecutive year, collected in-depth insights from 22,841 Gen Z and Millennials across 44 countries worldwide. The survey aims to track changes in perspectives and opinions of Gen Z and Millennials, who play a crucial role in the global workforce.

In Thailand, a total of 301 respondents participated in the survey, comprised of 201 Gen Z and 100 Millennials. The survey results reflect the in-depth views of these two generations in Thailand on the economy, society, and the environment, compared to the global average of their counterparts in the same year as follows:

Mental Health and Primary Concerns

This year's survey found that the top concerns for Gen Z are the cost of living (37%), unemployment (36%), and income inequality and wealth distribution (21%). For Millennials, the top three concerns are the cost of living (37%), inequality and wealth distribution (26%), and political instability/global conflict (24%). Additionally, the survey revealed that 42% of Thai Gen Z respondents and 60% of Millennials feel good to extremely good about their overall mental well-being, compared to 2023, with both groups reporting reduced stress levels. The percentage of Gen Z respondents who feel anxious or stressed all the time or most of the time decreased from 51% to 40%, while among Millennials, it decreased slightly from 39% to 38%. The main sources of stress include a longer-term financial future, day-to-day finances, and jobs.

Economic and Social Factors Impacting the Mental Health of Thais

Thai Gen Z and Millennials are feeling less optimistic about the next 12 months compared to 2023.   Their expectations for both the overall economy and their financial situation have dipped significantly. Gen Z's belief that the general economy will improve over the next 12 months has dropped from 27% to 15%. Millennials expectations fell from 26% to 22%.

Similarly, Gen Z's optimism about their finances has decreased from 37% to 19%, while Millennials' expectations went down from 38% to 33%. Gen Z's outlook on the combined economic and political situation has also become less positive, falling from 27% to 15%.

Millennials show a similar trend, with their expectations dropping from 24% to 23%. 

The survey found that 42% of Gen Z and 45% of Millennials believe that businesses have a positive impact on society, lower than the global average of 49% and 47%, respectively.

Young Thais expect businesses to play a role in reducing social inequalities by creating inclusive employment opportunities, ensuring equal pay and pay transparency, supporting educational programs, scholarships, and memberships, and ensuring that new technologies do not deepen social inequalities.

Environmental Factors

When asked about their feelings towards climate change, 81% of Gen Z and 92% of Millennials in Thailand expressed concern, which is higher than the global average of 62% and 59% respectively.

Gen Z and Millennials believe that the government and businesses should play a greater role in addressing climate change, with 90% of Gen Z and 91% of Millennials willing to pay more for environmentally friendly products.

Popular sustainable practices include avoiding fast fashion purchases, minimizing travel, researching a company's environmental impact before purchasing their products, adopting a vegetarian or vegan diet, and opting for electric vehicles.

Work-related Factors

Young Thai individuals have higher work aspirations compared to the global employee average, with 96% of Gen Z and 99% of Millennials in Thailand stating that having a sense of purpose in their job is somewhat important or very important for job satisfaction and overall well-being.

This percentage is higher than the global average of Gen Z and Millennials at 86% and 89% respectively. However, 91% of Gen Z and 93% of Millennials in Thailand shared that their current jobs provide them with a sense of purpose, which is more important than that.

Moreover, 55% of Gen Z and 60% of Millennials in Thailand reject tasks that go against their ethics and beliefs, and 55% of Gen Z and 57% of Millennials refuse to work with organizations that contradict their values. They choose to work with organizations that prioritize work-life balance, offer learning and development opportunities, and provide meaningful work.

Overall, Gen Z and Millennials in Thailand believe that employers show more concern for employees' well-being compared to the global average. Gen Z, with 70%, and Millennials, with 74%, replied that employers prioritize the mental health of their employees. Furthermore, Gen Z, at 77%, and Millennials, at 76%, expressed comfort in speaking openly with managers about feelings of stress, anxiety, or other mental health issues.

Additionally, 73% of Gen Z and 68% of Millennials stated that their supervisors know how to handle conversations and communication during stressful situations. These responses from both Gen Z and Millennials in Thailand are higher than the global averages of 52% and 59% respectively.

“We have been actively tracking the trends of both generations around the world because we want to understand the development of thoughts and perspectives of the new generation. This will help create new opportunities and better understanding between people of different ages,” said Ariya Phukfon, Executive Director at Deloitte Consulting

Ms Manita Limsakul, Human Capital Senior Manager at Deloitte Consulting, said, “I want to stress that mental well-being is crucial. Gen Z and Millennials are the primary workforce driving the world's economy today. Organizations that understand this importance, prioritize it, and can adapt their approach to care for the younger generation correctly will create a significant competitive advantage for their organizations.”

Dr Chodok Panyavaranant, Clients & Markets Manager at Deloitte Thailand, added, “The survey results are interesting and reflect the unique characteristics of the Thai population that differ from the global average in many aspects. A closer look reveals further differences among individuals within each generation."