Wunderman names Thai consumer trends for 2023
New York-based global marketing agency Wunderman Thompson is predicting that the metaverse, climate, inclusivity, commerce and health consciousness will be the top five trends among consumers in Thailand this year, as consumer confidence hit a 26-month high in January.
“Thais already have a sense of renewed hope with key improvements in the tourism sector to fuel the economy,” said Maureen Tan, Chief Executive of Wunderman Thompson Thailand.
That hope was reflected in the most recent consumer confidence figures. According to the University of the Thai Chamber of Commerce (UTCC), the consumer confidence index increased for the eighth straight month in January, reaching its highest level in two years and two months.
University President Thanavath Phonvichai said that consumers were more optimistic because they feel that the economy has improved with the rapid recovery of tourism, and domestic COVID-19 outbreaks have eased.
More specifically, Wunderman said that many large Thai corporations have been investing in the metaverse. “As we know, the future for brands is to be more connected and create a more authentic, one-to-one relationship with customers through immersive, engaging and interactive experiences,” said Tan.
Global brands are employing non-fungible tokens (NFTs) to build consumer loyalty for the next era of metaverse engagement, offering exclusive access to products and services.
Among Gen Z Thais, the climate crisis is one factor influencing their consumer behavior. “Not only the youth but the private sector is calling for longer-term sustainable and meaningful actions to combat environmental and air quality changes,” added Tan.
Health consciousness is also rising among people in the aftermath of the pandemic. Brands that can advocate for better health and well-being can capitalize on this trend. In addition, of crucial importance to marketers, 80 percent of Thais have fully embraced e-commerce.
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