Consumer Spending Patterns in Thailand - Essay Example

Thailand first experienced a surge in economic growth a few decades ago when rapid industrialization, improved agriculture, and massive urbanization hit the country. Most of this development was achieved through the abundant natural resources that Thailand homes. What resulted in the end due to the excessive reliance on natural resources, were polluted water, infected air, and barren land.

Ever since the economic turmoil, consumers in Thailand have changed their spending habits to deal effectively with the ongoing economic crisis. With the exports already suffering due to the global trade slump, Thai was unlucky to experience some very severe political tensions on top. With the governments initiating two new fiscal policies; the situation is sighted to improve by far.

A recent survey made use of several closed-end questions, which makes comparison easier (Easterby-Smith et al. 2002, pp.78) - has revealed some very fitting information. People have experienced massive salary cuts and many have found themselves jobless in this situation. People have cut their spending budgets, limiting themselves to what is most needed. Most respondents to the questionnaire admitted that Thai people were growing poorer, which was seriously impacting the lives of Thai citizens.

As the most important was that over the last decade brand loyalty has been reduced by a very great degree. Buyers have learned to compromise and make their spending more wisely since there is lesser to spend. Brand products are usually tagged at much higher prices than those unbranded, which has resulted in people switching to lower-priced articles. This means international and foreign brands have seen a steep decline in their target customers, all of these due to the economic turmoil. Many international brands have adjusted their marketing strategies to appeal to target audiences, such as in conservative Islamic countries (Karnani, 1984, pp.45).

Methodology

In studying the consumer expenditure pattern of Thailand, it is important to undertake a compressive analysis of the consumer pattern and expenditure amid economic turmoil. To have more changes that are realistic in the consumer pattern amid hard economic periods, raw data, and primary sources of data is very essential in realizing the practical market situations. On the other hand, historical data, records, and literature would be relied on to give oversight of the market. Primary data is collected using surveys, interviews, observations, and questionnaires. National surveys are conducted by the relevant state authorities and are funded by the government. While referring to the already existing valuable information, secondary source of data are referred to too. Secondary data are essential in making comparisons and drawing a pattern by comparing the outcome of the primary data with those in records. Secondary data, therefore, serves as a reference point that gives a guide to primary research. Primary data are directly collected from the desired respondents either in the form of surveys, polls, questionnaires, observations, or interviews. Secondary data on the other hand are sourced from journals, online databases, national bureau of information, books, e-records, and government bureau of statistic offices.