The “Travel, Dining, and Luxury Trends Research” for Thailand, Amex's inaugural study in the region, was commissioned by American Express and conducted by Kantar.
The research aims to provide a thorough understanding of high-net-worth clients to help companies and entrepreneurs develop products and services that meet market demands.
The study surveyed 363 Thai residents aged 21 years and above, with a minimum average monthly income of 140,000 baht. Respondents were sourced from the Kantar Profiles Audience Network, with all interviews conducted via online self-completion surveys between May 2-16.
At a media roundtable, Amex country manager Prom Sirisant noted that whilst the spending behaviour does not reflect the entire economy, as it represents only a specific group of consumers, the survey confirmed that Thai high-net-worth individuals continue to spend on luxury items and lifestyle experiences.
However, they are becoming more discerning about the value of their purchases, emphasising that these substantial expenditures must be worthwhile for their lifetime experiences.
The study revealed that social media significantly influences Thai consumers when researching dining venues and luxury purchases.
Beyond social media, the top sources for dining recommendations include word of mouth (46%) and online reviews (43%). Regarding luxury purchasing decisions, Thai respondents are most influenced by family (41%) and media advertisements (38%) after social media.
Meanwhile, dining out remains a popular activity amongst Thai respondents, with 73% dining out at least once weekly. Some 56% of those surveyed are dining out more frequently this year compared to 2023, with nearly eight in 10 respondents most likely to dine with family.
When seeking hard-to-secure dining reservations, Thai respondents' primary strategy is dining at off-peak times (45%). However, nearly 40% are willing to join waiting lists for coveted dining experiences, particularly at well-reviewed establishments or those recognised by credible organisations such as Michelin.
One in four millennials and Gen Z respondents have utilised credit card concierge services for such reservations. Thai consumers are also value-conscious, with eight in 10 seeking restaurants offering promotions when choosing dining venues, the study said.
When considering luxury brand purchases, Thai respondents prioritise high-quality products and skilled craftsmanship (86%), followed by brand alignment with personal values (80%). Almost four in five Thai respondents prefer investing in premium brands with longevity over inexpensive fast fashion alternatives.
The study found that 82% of those surveyed purchase luxury items at least annually. Among women respondents, the top luxury purchases are shoes (58%) and handbags (57%), whilst men favour watches (64%) and shoes (54%).
To maintain its position as the preferred card for high-net-worth spenders, American Express said it is offering various exclusive benefits. Platinum card members receive a dining credit of 14,000 baht for selected restaurants domestically and internationally.
Additionally, Amex said it has established partnerships with several prestigious luxury brands to create exclusive, member-only events, offering platinum card members preview access to upcoming collections, special offers, and insider knowledge from luxury brand experts.
American Express Company, a multinational financial services corporation headquartered in New York City, was founded in 1850. With a revenue of $60.52 billion in 2023, Amex ranks among the largest card networks globally, processing more than $1.7 trillion in purchase volume on its network. The company currently serves approximately 170 million cardholders worldwide.