Ipsos highlights consumer trends

Thai consumers are buying items for themselves and prioritising living in the moment, according to the Ipsos Global Trends 2024 report.
“We see ‘4S’ shaping the future of Thailand, defined as self-sumers, seamlessness, security and sustainability,” said Usana Chantarklum, managing director of Ipsos Ltd, a global market research firm.
More Thais are prioritising immediate gratification and believe that tomorrow will handle itself, said Ms Usana. They focus on buying and the importance of image in both the real and virtual worlds, often influenced by non-human figures and influencers.
She said nanofinance “buy now, pay later” packages can leverage this trend.
The survey found 84% of Thais say they live for today because the future is uncertain, ranking the highest among 50 countries surveyed.
Consumers prioritise their self-image, using a “me first” mindset to express identity and individualism in both the physical and online worlds, according to the report.
Some 65% of Thais like to buy products or experiences they think will look good in photos they post online.
Metaverse platforms offers brands opportunities to build user engagement in their own worlds.
Consumers seek happiness and brand roles and personalities should address this by blending virtual with physical products or by offering new promotion schemes. Virtual platforms can be sources of revenue.
In terms of seamlessness, this refers to the physical and virtual worlds. The study found Thais are excited about what artificial intelligence (AI) can do for products and services, ranking third, following China and Indonesia.
Some 73% of Thai respondents say products and services using AI have profoundly changed their daily lives in the past 3-5 years.
Despite the rise of AI chatbots, consumers still value human interaction, especially Boomers. The study found that 73% believe customer service is becoming too automated and impersonal, with 81% of Boomers agreeing. This sentiment is also shared by 75% of Gen X, 74% of Millennials and 66% of Gen Z.
“Consumers seek human interaction for customer service. Live agents are perceived as being better than bots at most customer service tasks,” Ms Usana said.
Security and privacy are rising trends, with 82% feeling it is inevitable they will lose some privacy in the future, while 81% are concerned about how information is collected and used by companies.
The final trend is sustainability. Thais prioritise social issues, focusing on ending poverty, reducing inequality and ensuring quality education and decent work for all.
Most Thais believe environmental issues have reached a critical level. Some 87% of users believe brands can support good causes while still being profitable.
“To grow sustainably, brands can build trust and avoid framing sustainability as a burden for consumers, focusing on social and governance aspects and monitoring if their technology is a pain for any generations,” said Ms Usana.
“Keep track of consumer needs, embrace opportunity with new tech, revisit brand target groups and choose a suitable level of tech adoption.”