Thai consumers favor environmentally friendly products and services
Thai consumers are willing to pay an average of 20 percent more for environmentally friendly products and services, according to the research division of KBank, one of the Kingdom’s big four financial institutions, which said that consumers also want companies to launch more such products,
That is important intelligence for marketers and entrepreneurs hoping for success in Thailand’s marketplace. “The business sector may take advantage of this issue to expand business and boost sales,” KResearch said.
With the United Nations naming Thailand as one of the countries already feeling the effects of climate change, and Thais increasingly exposed to news about plastic pollution and coping with seasonal haze, environmental issues are affecting Thai consumers’ everyday lives, the researchers wrote.
Their report mentioned that environmental issues had compelled consumers to change their behaviors in a bid to mitigate the impact on the environment, such as by using biodegradable packages and energy-saving devices.
One area where it has taken longer than others was transport. Consumers needs to be motivated to use more public transportation to reduce energy consumption, making it necessary for a transportation system to meet consumers’ demands, the researchers wrote.
Their data said that 66.3 percent of consumers are willing to purchase environmentally friendly products and services at a price not more than 20 per cent higher than normal ones.
In addition, 71.4 percent of consumers are interested in purchasing food and beverages that are environmentally friendly, followed by consumer goods, such as soap, shampoo and detergent (49.3 percent).
The report added that Thai investors are also on board with the consumers, with 95.8 percent believing businesses should implement ESG (environmental, social, governance) strategies. 85.7 percent said that they are taking ESG strategy into account in their investment considerations.
Photo courtesy of https://www.kasikornbank.com/en/news/pages/go-green-together.aspx