Around 1 in 2 Thai consumers delay or cancel purchase due to inflation

They are spending less on clothes and accessories, and on dining out.

Around 48% of Thai consumers claimed that they delayed or cancelled their major purchase plans due to the increasing prices of goods and services, according to a Mintel report.

Mintel found that 50% of consumers are prioritising saving money and fulfilling their needs as being able to afford the lifestyle they want defines their financial success.

Around 55% are saving funds for self-indulgence.

To address inflation, around 43% of consumers are spending less on clothes and accessories, whilst 41% are cutting on dining out.

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Inflation impact is expected to persist for 75% of Thain consumers, Wilasinee Siriboonpipattana (Kaimook), Senior Lifestyle Analyst, Mintel Reports Thailand, said, citing the Mintel APAC Economic Tracker.

“Brands can address this worry by implementing various initiatives that offer consumers the opportunity to indulge without breaking their budget, like introducing smaller-sized products at affordable prices or offering financing methods to make their purchases more manageable,” the analyst said.