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The Thailand Marketing Research Society (TMRS), a professional association comprised of Thailand’s leading market researchers and users of market research that aims to promote and upgrade the market research industry in Thailand, launches the “ThaiView”, a quarterly study of issues related to the public. “The objective of the ThaiView is to present issues of public interest which may benefit organizations, both private and public, in developing and improving society, quality of life, and products and services to meet the needs of people” states Khun Daranee Charoen Rajapark, President of TMRS and Managing Director of MarketWise Ltd.
Consumer personal financial confidence is strained with up to 55% of people not feeling very confident about seeing improvements in their personal financial status in the coming 12 months.
This finding is based on research conducted in June 2005 by the Thailand Market Research Society amongst five hundred residents of Bangkok in eighteen districts. |
Crime, inflation, high prices, recession and unemployment top the list as what consumers are most concerned about nowadays. It is well understood that hardship is a core driver of crime and much of this negativity towards future personal financial health is driven by the perception that the cost of living will increase more than earnings increases over the same period.
Consumers understand that with increasing world oil prices coupled with the government moves to regain control of its run away diesel and petrol fund, the brunt of the increases will be borne by consumers through increases in the overall cost of living, in not just pump prices, but also the cost of goods and services for basic needs. |
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Retailers beware, as such pessimism has given rise to up to 49% of Bangkok residents voicing their opinion that they would adopt a wait and see attitude when it comes to buying products that they aspire to own, with only a minority of 22% of residents feeling differently and believing that now is a good time to buy.
Although they voice concerns about drug problem, violence in the three southern most provinces, or corruption, the writing on the wall is clear. With the perception of a worsening economic climate ahead, Bangkok residents have taken to being more inward looking towards their continued well being and that of their family. The main factors that they strive for nowadays to lead a happy life is focused on their health, financial stability, ownership of their own home to weather the hard times and good karma to see them through.
Given all the negativity held about the future, it is heartening to know that 64% of Bangkok residents are satisfied with their current overall quality of life with a further 19% being very happy, whilst only a 12% minority are dissatisfied.
Bangkok residents are practical people and when the going gets tough, they weather the storm.
Dr. Sasiwimon Smittipatana, the TMRS Director and Country Manager of Acorn Thailand responsible for the ThaiView study announced these findings from the first ThaiView.
Summary Findings of the ThaiView
N = 500 in Bangkok, 18 districts, conducted on Saturday June 18 – Sunday June 19, 2005. |
1. Do you think now is a good time to buy things you need / want? |
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Sub-group findings
57% of those who earn 15,000 – 19,999 monthly Household Income (HHI) and 52% of 20,000 – 29,999 monthly HHI reported the “Wait and See attitude”. |
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2. How confident are you about your personal economic situation being better in the next 12 months from it is today?
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3. There are things that people are concerned about nowadays. Which of these things are you most concerned about today? Please give 3 answers. |
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Sub-group findings
- Blue collar employees are worried about the rising cost of living, in higher cost of goods--Blue collar and Labourer (60%), Company employees (52%), and Technicians (49%).
- Those who are executives (51%), Business owners (51%) and Technicians (49%) are concerned about recession and unemployment. |
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4. So, how happy are you?
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Sub – group findings
- 47% of the professionals are very happy and 53% are satisfied with their current life
- 32% of those who earn monthly HHI of more than 100,000 BHT are very happy with the quality of life and 60% are satisfied.
Remark
- 4% of respondents cannot define whether they are happy or not. |
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5. Which of these things do you want in life? |
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Sub-group findings
- 43% of single people want a happy marriage.
- 47% of 18-24 yrs. old want to travel for leisure.
- 81% of 25 – 29 yrs. old strive for financial stability.
- 90% of those older than 40 yrs. old want good health.
- 70% of people 60 yrs. old and over seek good well-being in life. |
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Sub-group findings divided by age |
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Age 18-24 years old |
Age 25-29 years old |
- Financial stability
- Health
- To own my own home
- Travel for leisure
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72%
69%
65%
47% |
- Financial stability
- Health
- To own my own home
- Happy marriage
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81%
78%
76%
50% |
(Base : 75) |
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(Base : 54) |
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Age 30-39 years old |
Age 40-49 years old |
- Health
- Financial stability
- To own my own home
- Good spirit/Motivation
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80%
74%
57%
42% |
- Health
- Financial stability
- To own my own home
- Good spirit/Motivation
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91%
68%
61%
47% |
(Base : 122) |
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(Base : 114) |
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Age 50-59 years old |
60 years old and over |
- Health
- Financial stability
- To own my own home
- Good spirit/Motivation
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90%
63%
52%
52% |
- Health
- Good spirit/Motivation
- Financial stability
- To have free time
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92%
70%
52%
44% |
(Base : 71) |
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(Base : 64) |
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