Decoding consumers’ life-stage impacts product and channel choice.
The economic pressures faced by Thai consumers in 2023 prompted them to re-evaluate their priorities. The resulting shift in shopping behaviours and consumer sentiments will continue to have an impact over the year ahead – and beyond.
In Worldpanel’s 2024 Thailand FMCG Outlook report we reveal how several key trends are shaping the FMCG industry, and help you develop a plan to win.
Across FMCG as a whole, Thai consumers have become more selective, and are cutting back on their purchases. Zooming in on the Take-Home and Out-of-Home markets, we see that shoppers are exhibiting contrasting behaviours.
While the Take-Home market began to rebound last year, it is still in decline because consumers are rationalising their spending – and this manifests in different ways from one sector to another. Overall, they are making fewer trips, but have slightly increased their budget per trip.
The good news for food and beverage brands is that as consumers return to their normal fast-paced lives, they are spending more Out-of-Home, and consumption is growing in all categories. Total volume is growing by 4.3% and spend per trip increasing 3.4%.
Whether shopping for In-Home or Out-of-Home consumption, a shopper’s life-stage impacts both their product and channel selection. Each generation displays different needs and shopping behaviours. For instance, spend per trip is growing in all groups except Older Singles/Couples, while Young Singles/Couples are the top spenders.
Worldpanel’s 2024 Thailand FMCG Outlook will help brands to understand these nuances and how consumer demands are changing, to inform decisions on where to focus and what to prioritise.
The three essential elements for a 'plan to win' in 2024
- Know where you are. Are you a small brand or a big brand, in a small or big category?
- Plan for two sources of growth: To win from Comfortable Places, and to win from Unexpected Places.
- Set the right measurement targets, and monitor them
Read Worldpanel's 2024 Thailand FMCG report to stay attuned to shifting market dynamics and capitalise on emerging opportunities and contact our experts for more information.