Unlocking the Grey Market Potential | Thailand's Senior Consumer Segment | Fi Asia Thailand 2023
Wednesday, September 20th, 2023
Unlocking Grey Market Potential: Mintel Reveals Trends and Brand Insights for Thailand’s Senior Consumer Segment | Featuring in Fi Asia Thailand 2023
Global market intelligence firm Mintel has shared insights into the latest lifestyle, food and beverage trends driving the Thai senior or ageing consumer market during an appearance at Fi Asia Thailand 2023 exhibition.
As a country with an ageing population, Mintel’s research highlights the challenges and opportunities presented by this steadily increasing Thai demographic aged 55 and older. Many older consumers are making pragmatic lifestyle adjustments, which may involve ongoing work or fine-tuning their spending patterns, as they actively seek assistance to preserve their independence. There is also a focus on products that support healthy ageing and manage physical health concerns.
Wilasinee (Kaimook) Siriboonpipattana, PhD, Senior Lifestyle Analyst, Mintel Reports Thailand, presented these insights at Fi Asia Thailand, South East Asia’s largest Food and Beverage industry event. As an expert speaker at the exhibition, she emphasised the potential for brands to tap into the emerging trends among Thailand’s older generation of consumers.
While many Thai seniors say they are highly content with their social circle, over three-quarters (79%) say they would like to spend more time connecting with others this year according to Mintel research.*
On the other hand, financial wellness impacts this demographic’s wellbeing, resulting in low satisfaction with their financial situation and level of savings. This is driving more than eight in ten (82%) of Thai seniors to agree that more job opportunities should be available in the market for retirees.
Food and Beverage Trends Among Senior Consumers
Mintel research shows that seniors are likely to encounter multiple health concerns, which are most likely to be physical, including top complaints such as hypertension (64%), joint pain (56%) and low energy (47%).** This is encouraging a trend towards functional food and drink, with nearly half (47%) of Thai seniors saying food and drink products with added health benefits are better for their health than conventional products.
Although taste and health are consistently two top factors considered important by seniors when choosing food and drink, the peak age for prioritising health above all is between 61-70, where 80% of this group deem it as having the most impact.
Opportunities for Brands
Older Thai consumers seek products specifically tailored to their age group, with over two-thirds 61% wishing there were more varieties of food and drinks specifically designed for seniors. According to Dr Wilasinee, this can be facilitated by simple labelling and designating products with specific age ranges, like ‘suitable for women aged 55+’ or ‘designed for men aged 65+’.
Furthermore, this type of product communication can also simplify the purchasing process for those within the close circles of seniors., As consumers age, they tend to be less inclined to make purchasing decisions independently and are more likely to rely on others, particularly from a financial perspective.
*Mintel Reports Thailand, Lifestyles of the Over-55s, 2023
**Mintel Reports Thailand, Senior Food and Drink Solutions, 2023
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