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Thais are Getting Thriftier Says Poll

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Thais are Getting Thriftier Says Poll 

 

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Thais are spending less than usual, according to a recent poll by Suan Dusit Rajabhat University. The poll asked 1,174 people about their spending habits, of which around 70% stated they’ve cut back on leisure spend, around 40% said they are cooking at home more, around 23% plan their budgets, around 21% try to buy only at sales and around 20% are taking on extra jobs.

 

When asked about how they are saving on food, clothing, accommodation and healthcare, the participants gave further insights into their budget strategies. 

 

Regarding food, around 63% said they are eating out less and trying to cook at home more, 38% said they are limiting meal costs, and around 24% said they are only eating as much as necessary and storing leftovers for later consumption.

 

Regarding accommodation, around 66% said they try to use the minimum water and electricity, around 39% perform home maintenance themselves, and around 16% rent or share cheap accommodation.

 

Regarding clothing, around 54% said they shop less and try to buy clothes only during sales, around 40% said they try to make their clothes last longer or share clothes with others, and around 17% said they wear used clothes.

 

Regarding healthcare, around 60% said they do frequent exercise and get annual check ups, around 33% said they rely on welfare or social security, and around 28% said they eat a balanced diet.

 

When asked what costs they consider mandatory, the participants again gave further insights into their spending habits. Around 64% said transport, around 51% said healthcare, around 25% said loans, around 21% said their children’s education, and 19% said important life events for family and friends.

 

It’s not clear why Thais are spending less than usual but reluctance to release disposable income is a cause and a symptom of a recession. Perhaps the strong baht and declining tourist trade are contributing factors but it would be difficult to point out one single cause without exhaustive research.

 

Hopefully the Bank of Thailand’s efforts to address current economic trends will help stimulate the release of more disposable income.

 

This post cites the following sources: Bangkok Post, Chiang Rai Times, and The Thaiger, as well as the poll conducted by Suan Dusit Rajabhat University.

 

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4 hours ago, akampa said:

 

 

 

 

Slowly, but only slowly, there is emerging an understanding that perhaps politicians are not the most intelligent people to handle the planet Earth and our future, that possibly they are the real danger to our survival on this planet

depends on the politicians...the current ones seem hell bent on destroying the livelihood of ordinary people

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A still tongue makes for a happy life, one of the mantras of Thai education ( its not on the curriculum by the way and neither can they speel curriculum ).

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13 hours ago, ThaivisaSales said:

It’s not clear why Thais are spending less than usual but reluctance to release disposable income is a cause and a symptom of a recession.

Sheesh, and I thought my education was not the greatest !

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Thai economic statistics are false. In reality the Thai economy is very weak with much higher unemployment than is being reported, so people are hanging onto their money.

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On 11/30/2019 at 3:50 PM, Snuller21 said:

That is probably why the household debt are risen by 7.4%. For sure they spend less with that risen debt. Guessing the Fake News Agency are needed her again.

They spending less because they have no money to spend and are borrowed up to the max, nothing to do with smartening up.

 

my possible gf, has juice wholesale business., she said profits have halved since the new government 

 

costs remained the same if not higher but profits halved.  How you expect her to spend ?😬

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"around 23% plan their budgets" To me this speaks volumes about the debt problems. Don't the average Thais normally budget their expenses. For me this is a habit. Something I have done since I started working for a living. I know how much I have available each month, what payments are due, how much I can spend on entertainment, how much I will put away as savings, etc. Surely everyone who is working and living off a wage or a salary needs to budget. It is common sense.   

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