The concept of "Conscious consumerism" is gaining widespread attention among consumers today. This shift reflects growing awareness of the impacts arising from purchasing decisions, particularly concerning environmental and social sustainability. According to the SCB Economic Intelligence Center (SCB EIC), conscious consumerism is helping reshape the behaviors of Thai buyers as they increasingly prioritize products and services aligned with sustainability values.
The market for sustainable products is reportedly growing at around 10% annually, from 2019 to 2023, constituting about 19% of total global sales. Such figures indicate not just interest but also the emergence of various dimensions under the concept of conscious consumerism. These include sustainable mobility, sustainable eating, and the rise of green electronics.
To explore these changing habits, SCB EIC analyzed data from 1,103 respondents nationwide, touching on demographics across age and gender, aiming to identify trends toward sustainable behaviors.
The SCB EIC findings reveal noteworthy insights: approximately 30% of participants regularly practice sustainable consumption, and about 50% are increasingly researching ways to incorporate sustainability practices effectively. Interestingly, among consumers, there's readiness to pay 12% more for sustainable products, highlighting Thai consumers' growing commitment to conscious consumption. This figure surpasses the global average reported by PwC, which states consumers worldwide are willing to spend roughly 10% more for environmentally friendly goods.
Taiwanese consumers, particularly those within the Gen X and Baby Boomer demographics, demonstrate significant insights. They identify and adopt sustainable practices effectively; younger generations, particularly Gen Y, show interest but are mainly still researching sustainable options. Essentially, this transition reflects how varying age groups perceive and embrace sustainability.
Thai consumers' purchasing behaviors resonate with international trends, where 70% of surveyed participants confessed to being selective about their purchases, emphasizing reusable and recyclable products. This palatable shift aligns forces with governmental initiatives focusing on addressing plastic waste management and recycling targets. Indeed, plans set forth aim to increase the recycling rate of plastic products to 100% by 2027, up from the current 25% between 2022 and 2024.
Also of notable mention is how the concept is being incorporated across the everyday usage of commuting, as many participants have begun to adopt reusable bags and containers, reflecting their commitment to reducing plastic waste. Businesses are responding by innovatively advancing products to meet sustainability objections, such as brands introducing refill stations and recyclable packaging standards.
Yet, barriers remain. Many participants acknowledge limited choices for sustainable options and express concerns about the higher costs associated with them. A sizable portion of respondents believe these factors restrict broader participation, keeping sustainability largely within higher income brackets. Consumers indicate there are obstacles linked to limited product availability and packaging options, which could hinder sustained engagement with conscious consumerism.
Yet, the SCB EIC suggests businesses push for greater diversity among sustainable products and services. Increasing product functionality, making them more affordable, and extending distribution channels can create meaningful change and acceptance across society.
The survey also highlights the impact of transport by noting the pronounced preference for personal vehicles among the Thai population, which raises questions about enhancing public transport systems and promoting sustainable mobility alternatives. About 84% of the respondents demanded expanded public transport options, linked to lower costs and improved safety measures. Many voices within the survey acknowledged environmental concerns but see the practical challenges, evident from traditional commuting habits heavily reliant on personal vehicles.
Statistics reveal stark contrasts: Thailand ranks among the highest for per capita car ownership within ASEAN, with complications including pollution and high accident rates. With Bangkok frequently ranked among the world’s most congested cities, meaningful progress toward sustainable mobility is more pressing.
Challenges do exist, particularly concerning the transition toward electric vehicles (EVs). Individuals cite worries about the availability of public charging stations and the prohibitive costs of ownership as hindrances to this transition. SCB EIC reports possession of battery electric vehicles (BEVs) varies widely; it’s only about 7% of the overall market during the early implementation phase since 2022.
Despite the frustration surrounding pricing dynamics and the readiness of supporting infrastructure, there is hope; as preferences shift, SCB EIC lays out recommendations emphasizing continued advancements and policies aimed at improving environmental sustainability. More comprehensive public support for eco-friendly practices stands as necessary, encompassing easy access to reliable public transportation, clearer market pathways for electric vehicles, and fostering platforms for shared economy models.
Overall, the prevailing narrative posits conscious consumerism as transformative within both consumer behavior and corporate adaptation, paving avenues for ecological accountability as culture shifts and deepens within society. With more individuals adopting awareness of reality-driven sustainability practices, this change could signal tangible momentum toward positive public engagement, fostering activism for underlying causes within Thailand and beyond.
