Consumers have positive outlook despite the clouds of uncertainty

Overall, Thailand is still in a fragile situation as a number of economic indicators continue to drop, in addition to the passing of the beloved King Bhumibol Adulyadej.
 However, the Thai people have a positive outlook that dispels some of the clouds of uncertainty, according to the survey by Kantar TNS Thailand in conjunction with Marketbuzzz.
The general sentiment on the outlook for the future is positive, with 71 per cent of respondents saying Thailand next year would be in better shape or the same as this year. 
The main concerns among Thais are the prices of agricultural goods, mentioned by 51 per cent of respondents, the cost of living, stated by 42 per cent, and the domestic economy, 40 per cent.
The survey also looked into consumer spending. Most respondents said they were cutting back on their expenditures, with 80 per cent saying they will control unnecessary expenses, while 77 per cent will buy goods only as necessary.
“Consumer spending is fundamentally linked to whether the economy is doing well or not, and there is no doubt that consumer spending is the most vital component of any economy and accounts for a high proportion of a country’s GDP,” said Grant Bertoli, chief executive of Marketbuzzz. The top three areas where spending is considered necessary to Thais’ daily lives are food and beverages, dry goods, and mobile phones. 
Thais say they will spend less or nothing at all on non-necessities such as travel abroad (64 per cent of respondents), investment in long-term equity funds or retirement mutual funds (60 per cent), and new cars (52 per cent).
While almost all Thais are controlling their spending, those aged 18 to 24 claimed they were more likely to look for a second or part-time job to earn more income. This suggests that a lot of young people are looking for ways to find more money rather than controlling their spending. 
This is consistent with a study conducted by the Thailand Market Research Society this year, which showed that this age group are more entrepreneurial and more likely to take life into their own hands to get ahead.
 Females and younger age groups are more likely to understand that changes will happen but are unsure of what the changes will be, whereas the older groups also understand that changes will happen but are less concerned about the impact. 
“Now and again, we see Thais bounce back from negative situations with great positivity,” said Arpapat Boonrod, CEO of Kantar Insights. “Despite the current gloomy situation, most Thais still have positive sentiments. They are still hopeful for a better future. 
“One key [lesson] is that many are still unsure of how the current situation will impact them in the future despite having positive feelings.”
A number of factors are underpinning the positive outlook of those who think things will be better in the new year. The top three are inbound tourism, which 46 per cent of respondents think will be better, domestic tourism (44 per cent) and Thailand’s overall image (41 per cent).
The survey also revealed consumers’ views on what they expect from companies and brands. The three most important contributions companies should make to the country are to support the sufficiency economy, society and environmental safety, and support royal charity projects.
Arpapat said: “While advertising by companies will remain and consumers will continue to go on with their daily lives, companies and brands that hold a higher moral ground with a stronger sense of corporate social responsibility will be seen in a positive way. 
“In general, Thais have higher expectation for brands to be responsible in solving social problems. They would like to see brands give back to society. Brand image is now linked to brands’ impact on society.”