More than two in five Thai consumers (42%) are increasing their spending on essentials, while younger Thais are shifting towards experiential spending, according to UOB's latest Asean Consumer Sentiment Study (ACSS). Conducted in collaboration with Boston Consulting Group, the study offers insights into changing consumer spending patterns in Thailand, Singapore, Malaysia, Indonesia and Vietnam. Yuttachai Teyarachakul, head of personal financial services at UOB Thailand, said the findings highlight the importance of financial preparedness for Thai consumers facing pressures such as high inflation, rising household costs and decreased savings.
The study found inflation remains the leading concern among Thai consumers, with 64% of respondents identifying it as a priority. Some 60% said higher household expenses were a concern, while 58% pointed to a decline in savings. About half of the respondents indicated they are cutting back on non-essential expenditures, while 45% are seeking additional sources of income and 44% have begun looking for discounts and special offers while shopping.
Despite the challenging economic environment, Thai consumers are prioritising experiences over luxury items. More than 40% of respondents reported increased spending on experiences such as travel, fine dining, concerts and festivals over the past year. This trend is particularly notable among Gen Z (56%) and Gen Y (45%) consumers.
Data from Visa Thailand supports this trend, revealing a 9% decline .