Economic and social concerns open doors of growth for Thai spiritual market

Spirituality has held sway over people for ages, as they believe that worshipping sacred items could help boost their morale and bless them with luck amid lie's uncertainties.

The desire for prosperity in career, wealth, luck and/or love, support in an economic slowdown, dealing with social inequality, pandemic, environmental issues, digital disruption and/or conflicts in point of view are all issues that drive people towards prayer and spirituality.

This trend is seen as benefiting Thai tourism as most devotees focus only on their desired prosperity despite diversity in religion, belief and tradition. For instance, many Thais visit the Trimurti Shrine at CentralWorld shopping complex in Bangkok to find love on Valentine’s Day.

Several business entrepreneurs also tap into this fetish by offering products and services to attract spiritual believers, including horoscopes, amulets and even advice for auspicious colours and numbers.

According to the Commerce Ministry, as of January 31 last year, 93 companies operated spiritual beliefs-related businesses with a total capital of 101.98 million baht.

Most Thais are believers

The survey by human insight firm Hakuhodo Institute of Life and Living ASEAN (Thailand) between November and December last year indicated that 88% of 1,200 Thais aged 20-59 years who were surveyed had spiritual beliefs, of which 62% wished for their own prosperity.

Some 52% of respondents claimed that worshipping sacred items helped them seek peace of mind, 21% said it helped boost confidence in living their life, and 13% said gods and other spiritual beings would grant their wishes.

Meanwhile, 44% of respondents wished for wealth, 17% for good luck, and 12% for good health.

“Thai people embrace diversity in religion, beliefs and tradition,” said the institute's strategic planning manager, Gun Thongsri, adding that this helped boost Thailand’s potential as a spiritual hub.

However, Hakuhodo’s survey showed a difference in spiritual beliefs, as men sought assistance from gods and other spiritual beings to relieve their suffering, but women worshipped to boost confidence in their decision making. There are also distinct differences between generations.

Gen X: The ritual believer

Devotees aged between 43-58 years prefer traditional ways of worship as they strictly preserve traditions inherited from their parents. They also believed that chanting, making merit and offering alms helped boost their morale.

This group of devotees often worships for their health due to a belief that good health is key to a smooth life. “Gen X were born in the capitalist era, so they put effort into achieving success,” said Duangkaew Chaisurivirat, the institute’s associate strategic planning director.

Business entrepreneurs should offer products and services that help boost physical and mental health. For instance, walking or running events to visit temples allow Gen X devotees to pay respects to sacred items and also exercise. Meanwhile, offering a package of chanting books allows them to chant anytime.

Gen Y: The curated explorer

People aged 27-42 years were open-minded and adaptable to any spiritual beliefs that meet their preferences as they were born during the transition between analog and digital technology.

Millennials also believe that gods and other spiritual beings are mentors who lead them to prosperity. “This group of people is considered the founder of the spiritual trend in Thailand,” said Prompohn Supataravanich, Hakuhodo’s associate director of market research and strategy.

Most Gen Y are working age, so they prefer prosperity in wealth and career more than others to ensure security and success. For instance, they visit Tiger God Shrine in Bangkok’s Phra Nakhon district to pray for prosperity in education even though the shrine has influence from Chinese belief.

As they love worshipping and posting photos on social media, entrepreneurs are advised to offer new spiritual experiences, such as organising a trip to spiritual destinations in Thailand and abroad.

Gen Z: The Minimal Integrator

Born in the digital era, people aged 11-26 years currently are those who integrate spiritual beliefs with fashion to make their lives more enjoyable. They see spiritual beliefs as a gimmick that brings joy to their lives with friends who share similar interests.

“Gen Z was pressured by Thai political instability, the Covid-19 pandemic and digital transition. So they are ready to adapt themselves to enjoy their life,” Gun said.

As most of them are students or first jobbers, Gen Z chases prosperity in career and education to ensure success in their lives.

Entrepreneurs are advised to offer products and services that allow Gen Z to enjoy mixing and matching, such as fashion items with lucky colours, stickers of gods and other spiritual beings, and auspicious smartphone wallpapers.

Win-win marketing

Hakuhodo’s associated strategic planning director believes that this data will benefit spiritual business entrepreneurs in launching products and services that meet devotees’ demands.

“We believe that spiritual belief is a part of Thai people’s tradition, but various factors in their lives make a difference in their worship preferences,” Duangkaew said.

“If we deeply understand consumers’ demand, we can offer spiritual marketing activities that meet their preferences,” she said.