Ipsos Generations Report: Unpacking Generational Shifts in Thailand

Is Gen Z in Thailand the same as Gen Z in the US? How do Thai families compare to those in other parts of the world? The 2024 Ipsos Generations Report tackles these intriguing questions, offering a glimpse into the minds of Thai people across different generations. 

Thailand's demographic landscape is undergoing a dramatic transformation, presenting both challenges and opportunities for businesses. The 2024 Ipsos Generations Report offers valuable insights into generational awareness and perspectives across the globe. This article, in particular, delves into the key trends shaping the Thai market: a declining population, a rapidly ageing society, and the rise of Gen Z as a global generation. Understanding these shifts is crucial for businesses to adapt their strategies and thrive in this evolving environment. 

Thailand's Looming Demographic Crisis: Fewer Faces, More Silver Strands

Thailand faces a two-pronged demographic challenge: a falling birth rate and an increasing life expectancy. The total fertility rate, at a low 1.3, falls significantly below the replacement level, with experts predicting a potential halving of the population within 60 years. This decline, driven by socioeconomic factors like the rising cost of living and changing social norms, will lead to a shrinking workforce and strain on social services.

Simultaneously, the percentage of Thais over 60 has surged to nearly 20% and is projected to reach 36% by 2050. This ageing population presents a unique set of needs and preferences for businesses to address.

Generational Labels: Less Familiar, Still Relevant

Compared to the global average, awareness of generational labels appears lower in Thailand. While 49% of global respondents have heard of Generation Z, only 34% of Thais were familiar with the term.  This trend extends to other generations as well, with lower recognition for Millennials (14% in Thailand vs. 48% globally), Generation X (39% vs. 46%), and Baby Boomers (20% vs. 39%). 

While generational labels like "Baby Boomers" or "Gen Z" might not resonate as strongly in Thailand compared to Western countries, understanding the values and behaviours of different age groups is crucial.

• Older Generations: Faced with financial anxieties stemming from concerns about inflation and job security, older consumers are more cautious with spending, prioritizing essential items and value for money. They are receptive to technology, particularly AI-driven products and services, but may require user-friendly designs and simplified interfaces. Health and wellness are paramount, with a focus on preventative measures and products that promote physical well-being.

• Gen Z:  This digitally native generation thrives on online platforms, using social media for connection, information, and commerce. They are socially conscious consumers, prioritizing brands that align with their values of sustainability and ethical sourcing. Authenticity and personalization are key, with Gen Z seeking tailored experiences and genuine brand interactions.

Decoding the Thai Consumer: A Generational Lens

• The Silver Linings of an Ageing Population: Older generations in Thailand, while facing financial anxieties, are embracing technology, particularly AI-driven solutions. They seek products and services that promote health and well-being, prioritize value for money, and offer convenience without compromising simplicity. Think user-friendly gadgets, preventative healthcare solutions, and experiences that cater to a desire for "me time."

• Gen Z: Digital Natives with a Conscience: Thai Gen Z, much like their global peers, are glued to their smartphones, using social media for everything from connecting with friends to discovering new brands. They are a generation that values authenticity, sustainability, and personalized experiences.  For businesses, this means embracing digital marketing strategies, showcasing ethical practices, and offering customized solutions that resonate with their desire for individuality.

Thriving in a Transforming Thailand: A Roadmap for Businesses

To survive in this evolving landscape, businesses must adapt their strategies to cater to the unique needs of each generation:

• Embrace the Ageing Market: Develop products and services that promote health and well-being, simplify user experiences for those less tech-savvy, and offer opportunities for relaxation and self-care.

• Capture the Hearts (and Wallets) of Gen Z: Prioritize a strong digital presence, leverage the power of social media and influencer marketing, showcase ethical and sustainable practices, and offer personalized experiences that resonate with their values.

Thailand's demographic shifts present both challenges and opportunities. By understanding the evolving needs and preferences of its population, businesses can adapt their strategies to not only survive but thrive in this dynamic market.

Download the full Thailand-specific report or click below to access the global version online and enjoy an interactive experience.