Hakuhodo gives suggestions to brands and recommends they should focus on family, safety and wealth
- Hakuhodo found that happiness values of Thai people had decreased in its latest survey findings, due to conditions of the Covid-19 pandemic which are still continuing, as well as the past two years of living with a sluggish economy.
- The impact of the intense Covid situation and knock-on effect on the economy has made Thais pay closer attention to safety and wealth protection; Hakuhodo therefore suggests brands should expand their marketing efforts in the areas of promoting family relationships.
Hakuhodo Institute of Life and Living ASEAN (THAILAND) released a survey forecasting consumer spending behavior in Thailand for April 2022, and found that the Covid-19 pandemic has decreased the happiness of Thais. Thai people are focusing on products that are related to family and health, as well showing a stronger interest in wealth and safety. Hakuhodo suggests therefore that brands speed up marketing efforts in promoting family relationships; for example, emphasizing the importance of stress relief with new activities that focus on strengthening relationships with family in a safe way, avoiding Covid and exposure to other potential pathogens/ailments, or offer a unique summer promotion that people use to "show/send love and care to each other."
The April 2022 survey reveals an overview of the decline in happiness among Thai people compared to February. This was caused by the COVID-19 situation that continues to spread, as well as the tough economic conditions that remain a cause of concern for many Thai people. As a result, Thais have turned their attention to safety and wealth. and to 'careful shopping.'
Ms. Chutima Wiriyamahakul, Business Director at Hakuhodo Institute of Life and Living ASEAN (THAILAND) said, "Actually, Thai people love shopping, but due to current macroeconomic factors which have caused many products and consumer goods to cost more in price, Thais seem to be more careful about their spending, and buy fewer unnecessary things."
The consumption intentions from the survey forecasting consumer spending behavior in Thailand for April 2022 found that the products that Thais name as a priority are food, household items, daily life essentials, and mobile phones (in order of importance). One of the reasons is that Thai people have to prepare themself to welcome the Songkran Festival holiday period, and celebrate with family. Even whilst having to buy things they need in everyday life, they still focus on buying things for their family.
"Despite the limitations of the COVID-19 situation, Thai people still place importance on family, such as gathering to celebrate the Thai New Year and veneration of ancestors. However, activities are being transformed into a 'safer way', like celebrating at home instead of going out. This is why the results of the survey appeared as they have done so; much of the behavior seen is related to buying and hoarding food at home for and during Songkran," Ms. Duangkaew Chaisurivirat, Associate Strategic Planning Director at Hakuhodo First (THAILAND) said.
However, Hakuhodo Living Research Institute ASEAN (Thailand) has found other issues that brands should focus on, and those are war, politics, economy, investment and crime. All are driving up the prices of consumer products. The effect this has had is that Thai people are now looking to build and protect wealth rather than simply have stable jobs; to have more income to compensate for expenses and meet the need to plan more tightly, as well as reducing travel. However, Thai people still care about family, and demonstrate this by buying gifts for elders on important days to show their love and care - even if they are far away from each other.
In order for brands to be able to market in line with the evolved consumer behavior situation this summer, Ms. Ponnapas Sulaimanee, Strategic Planner at Hakuhodo First (THAILAND) has advised that:
- Brands should encourage stress relief with new activities, and place emphasis on strengthening relationships with family while still being safe and avoiding potential exposure to Covid. The Songkran Festival is family time wherein brands can open up new experiences, change the atmosphere of celebration with family, and support the consumption of home products that are primarily healthy and mentally enriching or protective. This will enable consumers to compensate for travel restrictions, or to go home to family during this Omicron Covid period.
- Offer a unique summer promotion, ready to support sending of love and showing care to/for each other to celebrate important family moments, such as delivering love and care to family or loved ones, even if they are far apart.
"This situation is a challenge for everyone in terms of being able to adapt and live life. Even as Covid-19 prevents us from traveling, we can still show our love and care for our loved ones and strengthen our relationship with family members or important people in our lives. At Hakuhodo Living Research Institute ASEAN (Thailand), we see this gap, and hope brands will use this research and apply this suggestion to their marketing plan. This is in order for consumers to be able to cope with the impact of the intense COVID situation as well as impacts from the stagnant economy, and increase happiness for Thai people in the next quarter," concluded Ms. Ponnapas Sulaimanee.
Source: Midas Communications International