New Year resolutions made by Thais form basis for survey of trends
The rising consumer trends in domestic and international travel, healthcare, and outdoor lifestyles in the post-pandemic era will be the main forces driving the retail industry in 2024, a consumer analytic platform reported on Monday.
The 1 Insight, a data insight platform focusing on consumer lifestyles and the latest trends, estimated that local travel in 2024 will boost Thailand’s domestic spending by around 47% year on year. Thai fashion products are expected to enjoy a 70% surge in spending, thanks to the influx of foreign tourists from Malaysia, China, South Korea, India and Russia.
The platform, which is a subsidiary of Central Retail Corporation (CRC), cited a survey by CRC VoiceShare that found 57% of Thais listed domestic and overseas travel in their New Year’s resolutions. It predicts that the travel trend will continue to have a strong impact on Thailand’s retail industry in 2024.
The survey also found that Thai consumers spent 31% more year on year on overseas travel in 2023, coinciding with the growth in travel-related products such as luggage, which saw 42% growth and photo and video cameras, which saw 39% growth year on year in 2023.
The 1 Insight also said that after the pandemic, consumers around the world are focusing more on healthcare, in line with CRC VoiceShare’s survey showing that 54% of Thais aim to take better care of themselves.
The platform predicted that the health-loving trend would continue to boost health-related products, which saw significant growth in the past year. These products include vitamins and supplementary food (78% growth), sports shoes (22% growth), and sports equipment (11% growth).
The last trend to fuel the retail industry is the outdoor lifestyle, as more people returned to their normal daily life after the Covid lockdowns were lifted. The 1 Insight describes the outdoor lifestyle, especially of city people, as outings and dining out, which has significantly driven up the sales of related products and services, namely fashion products (27% growth year on year in 2023), cosmetics (13% growth), and restaurants (6% growth).
The top five New Year resolutions among Thais, according to CRC VoiceShare’s survey, are as follows:
57% aim to travel, both domestically and overseas.
54% want to take better care of their health through exercising, eating a healthy diet, changing sleep habits, and taking vitamins/supplementary foods.
41% want to invest or improve their finances.
40% want to reward themselves by buying a new smartphone, fashion product, electrical appliance or jewellery item.
37% want to spend more time with family.
