Thailand's economic outlook heading toward 2028 shows cautious optimism as the consumer spending remains stable, supported by festive season trends and the rising influence of the Thai fandom culture.
The Hakuhodo Institute of Life and Living ASEAN (Thailand) conducted extensive surveys throughout 2027, concluding consumer spending is projected to remain on par with previous years. Specifically, they noted, "Consumer sentiment remains cautious, but during festive seasons, there’s significant uptick due to promotions and bonus expectations," according to market analyst Anon S. Chaiyaporn.
A closer look reveals significant trends across age demographics. For the 20-29 age group, spending is more sporadic, often prioritizing savings for major promotions mid-year and at year's end. Those aged 30-39 are investing significantly in enhancing quality of life through daily comforts, such as home appliances, as outlined by Strategic Planning Manager Oranlin Ruangsukri of the institute.
Meanwhile, the older generation, aged 50 and above, is concentrating spending on leisure, especially domestic tourism, foreshadowing growth prospects for the travel sector. This demographic shift plays out against the backdrop of rising household debts which have compelled many Thai consumers to tread cautiously.
The burgeoning Thai fandom phenomenon has emerged as another pivotal influence on consumer spending. Arunroj Leucharoenwong, Deputy Director of Strategic Planning, emphasized, "With the power of fandom, Thai consumers are increasingly willing to spend on experiences and products connected to their interests." This phenomenon can be seen not just with celebrity endorsements, but also through communal engagement over shared interests, prompting increased spending on merchandise and experiences related to popular cultural phenomena.
During the festive months leading up to the New Year, Thai consumers are expected to increase spending on traditional gifts alongside electronic gadgets, fashion apparel, and travel services, hinting at the resilience of the Thai consumer market. This is bolstered by brands utilizing targeted promotions, tapping directly to the desires of various fanbases.
While there’s still underlying apprehension related to economic stability, “the strong community support seen among various fandoms influences many consumers’ buying behaviors,” Leucharoenwong added, hinting at the intertwining of emotions and spending behaviors.
Looking forward to 2028 and the uncertainties it might contain, the insights point toward the enduring belief among consumers for improving personal and collective wellbeing through spending. Yu-Jane Mae, a digital content creator, shared her outlook: “We find ourselves spending on things which, perhaps, don’t seem necessary but are more connected with our passions and interests. That makes all the difference.”
Nevertheless, potential challenges linger, including looming inflationary pressures and rising living costs which are anticipated to encumber lower-income consumers. To navigate through these pressures, brands are faced with new challenges to maintain consumer relations effectively based on shifting dynamics.
The overall sentiment depicts hope and resilience. Brands embracing and authentic engagement with their customer’s aspirations can establish long-term relationships, thereby boosting the economy through consumer confidence. The festive cheer amid uncertainties shows Thai consumers striving to seek happiness through their spending choices, allowing for secret dreams to take flight.
Trade bodies and economic planners need to leverage these insights moving forward, aligning strategies to engage and fully capture the energy emanated from consumer sentiment and the increasingly powerful influence of fandom communities.
Thai consumers possess remarkable resilience and adaptability as evident through their spending habits amid challenges. Predictions for 2028 reflect cautious growth, the potential of community warmth emanated from fandom can reshape the economic surface as Thailand marches forward.
