Thailand's economic outlook for 2024 is shaped by significant transformations across various sectors, with businesses adapting to changing consumer preferences and market dynamics. Major companies are embracing innovative strategies to boost their performance, emphasizing the growing role of influencer marketing and digital engagement.
According to Sangha Boonsangkhro, CEO of MOSHI Retail Corporation, the company is committed to crafting unique products to meet the needs of Thai consumers. "Our focus on creating unique products aligns with market demands," said Boonsangkhro. The company has successfully launched over 15,000 new SKUs this year, positioning itself to cater to the ever-evolving lifestyle choices of shoppers. This dynamic response has been pivotal for MOSHI, as it seeks to increase its market share amid fierce competition.
Another significant trend influencing the food sector is the rise of the “Eat-fluencer.” LINE MAN, Thailand's leading food delivery platform, reports this new phenomenon where food influencers dramatically affect consumer decisions. "2024 is the year of the Eat-fluencer creating significant impacts on food choices," the report states, highlighting the resurgence of traditional dishes and unique menu items. For example, the popularity of cheese tea has soared, with orders increasing by seven times as more restaurants include it on their menus. The rise has also led to more than 4,000 new cheese tea vendors across the country.
Alongside these trends, other popular food items such as banana cake and braised eggs are witnessing notable surges, thanks to influential food bloggers driving consumer trends. The banana cake, for example, has seen demand shoot up by 115%, with over 2,000 restaurants now offering it, spurred on by promotions from popular endorsers.
This shift reflects broader consumer behavior changes across Thailand, as local preferences evolve toward trendier, high-quality foods. Restaurants are increasingly optimizing their menus to cater to these shifts, leading to fruitful partnerships with influencers and targeted marketing strategies. Such strategies not only create buzz around certain dishes but also significantly boost sales, as seen with the dramatic increases reported across various platforms.
Overall, Thailand's economic recovery is being reflected by increased domestic consumption driven by revitalized tourism. With visitors returning, businesses are poised to capitalize on this resurgence. Strategic expansions like MOSHI’s and LINE MAN’s responsiveness to trend data will likely create new opportunities for solid growth amid the challenges faced by the hospitality and retail sectors.
The corporate environment’s adaptability is also enhanced by the implementation of data analytics, helping businesses anticipate market changes more accurately. This analytical approach complements the emphasis on creating engaging and impactful marketing experiences, ensuring firms are not just keeping up but are at the forefront of trends.
While the outlook for Thailand’s economy seems promising, the focus on digital evolution remains central to sustained success. Companies are expected to continue embracing new technologies and marketing strategies to meet consumer needs effectively and efficiently.
Associations and businesses alike are optimistic as they approach 2024, believing the year will be instrumental for both recovery and innovation. From retail to food service, Thailand stands at the brink of expansive growth led by its ability to adapt, innovate, and engage deeply with consumers.
