Small and medium-sized businesses, which are the foundation of Thailand’s economic growth and development, have been hard hit by the ongoing Covid-19 pandemic.
Numerous businesses were forced to close their doors due to factors such rising digital transformation, shifting consumer behavior, travel limitations, limited operations at restaurants and retail stores, and inflation, to name a few.
Now, thanks to vaccinations and the government’s lenient policies, many of them have reopened, begun anew, or even expanded.
Finbiz by ttb, an instructional tool created by TMBThanachart (ttb) to empower and educate small business owners and entrepreneurs, predicts that small business trends will rule the market and set the tone in the upcoming year, assisting them to adapt to the pandemic, survive, revive, and even prosper.
Owners will have the chance to test new creative ideas and push themselves as a result, which will aid in the expansion of their companies.
New conditions, new chances for the health and wellness sector
The Covid-19 epidemic and the introduction of other viruses, such monkeypox, have caused the Thai health and wellness business to be on the rise in recent years.
People are now more concerned with maintaining a healthy lifestyle and are prepared to spend more money on goods that will help them stay mentally and physically fit.
According to Finbiz by ttb, the market will continue to grow in 2023 thanks to the private hospital industry’s revival. In 2023, it projects that the private hospital market will expand by 8–10%.
In fact, the government’s relaxation of strict restrictions that allowed foreigners to enter the country and the registration of over 960,000 legal migrant workers under the social security system with private hospitals are largely responsible for the private hospital business beginning to recover last year from the setbacks caused by the impacts of Covid-19, according to ttb analytics, a research house also under TMBThanachart Bank.
Since consumers are better knowledgeable about the Covid-19 pandemic and have improved attitudes and procedures to prevent Covid-19, the SME learning center anticipates that consumer spending on in-clinic beauty treatments, massages, and spa treatments will rise.
This has given them more confidence to resume normal operations following the shutdown.
The shutdown caused a change in consumer purchasing patterns. Due to restrictions on in-person services, social seclusion, and required mask wear, people purchased at-home beauty items for DIY treatments that allowed them to replicate the spa experience at home.
Food trends that are sustainable and healthy will dominate.
To maintain their health, more and more people are choosing wholesome, environmentally friendly food sources and consuming a range of meals. They are consuming fewer saturated fats, carbohydrates, and salts.
Additionally, they are adhering to diets that are good for their health and wellbeing as well as the environment, such as plant-based meals. This is one of the key elements that will drive the expansion of the healthy food sector.
According to Grab’s “Delivery Trend Report 2022,” 74% of Thai customers will purchase plant-based food every two to three days. There is no longer a group that cannot eat healthy meals. In the past six months, 2 out of 5 consumers have tried foods with plant-based meat.
According to finbiz by ttb, which cited a report by Morgan Stanley, the growing pet humanization trend, in which pet owners treat their animals like children, has had a significant impact on the pet care sector.
According to the report, almost 70% of pet owners consider their animals to be significant family members, with 66% of them claiming to be bonded to their animals, 47% treating them like children, and 37% admitting they would incur debt to pay for veterinary costs.
The function of a pet in a household has evolved, according to Lalada Veerakanawut, co-owner of Summer Dog Pool, and this has caused the pet sector to expand and diversify.
She continued by saying that expenditure has increased, particularly on high-end goods and services.
“More pet owners are spoiling their animals to provide them the best care possible. They spend money on pet supplies, food, veterinary care, and other costs. They care for their animals like family. And that creates a ton more business opportunities,” she added.
Pet owners also treat their animals by providing them with high-end clothing, grooming, exercise, training, and other services.
Owners enjoy dressing up their pets for special events, taking them swimming, and even taking them to public places like department stores. Pets are welcome in a lot of condo developments and restaurants, she added, noting that more public areas in Thailand are pet-friendly.
According to Lalada, more dogs and cats have been adopted in Thailand over the past few years as a result of individuals spending more time at home during the lockdown. Additionally, they have more time to care for their pet.
She added that the number of players offering services linked to pets has grown over time and that large cities are the main markets for pet enterprises.
“Dog pool suppliers were few when we started our firm eight years ago, but they are now more numerous,” she said.
Summer Dog Pool, which is situated on Sukhumvit Road, offers dog swimming pool services as well as pet hotel and daycare services.
According to Lalada, digitalization has also contributed to the industry for pet care’s brisk expansion.
“More pet owners are purchasing online and researching products and services online. Additionally, more online pet stores are able to provide a greater selection of goods and services. The future of the pet market therefore appears bright given these circumstances, she said.