“ThaiView” survey finds that quality of life satisfaction and future financial confidence declines further amongst Bangkok residents
“ThaiView” survey finds that quality of life satisfaction and future financial confidence declines further amongst Bangkok residents
The past quarter year has seen a further decline in the overall satisfaction of Bangkok residents with their quality of life, as well as, in their expectations of improvements in their personal financial situation in the next 12 months.
Inflationary pressures and high prices; recession and unemployment; crime; the escalating violence in the southern provinces; drugs and environmental problems still top the list of key concerns that Bangkok residents have.
Previously in June, it was determined that 19% of Bangkok residents were ‘very' satisfied with their quality of life, but now this has declined to 11% as Bangkokians have become much more concerned about their current personal situation resulting in 80% of residents being just satisfied with their quality of life.
Similarly, it was previously determined in June that 12% of Bangkok residents were feeling ‘very' confident about seeing improvements in their personal financial situation over the next 12 months, but now only 8% have the same high degree of confidence about the near future resulting in an increase in those that are somewhat confident or not so confident about the future.
These findings are based on ‘ThaiView' Survey findings. ‘ThaiView' is a researched comparison conducted by the Thailand Marketing Research Society (TMRS) in June and September amongst five hundred residents of Bangkok in eighteen districts.
This reduction in confidence has prompted a change in consumer spending patterns with consumers moving away from believing that this is the most appropriate time to purchase products and services that they want or need.
This is further illustrated by the TMRS finding that in September only 10% of Bangkok residents feel that this is the most appropriate time to buy in comparison with 22% feeling similarly in June, whilst during the period the proportion of people adopting a wait and see attitude has increased from 28% to 40%.
This reduction in confidence in the future has also resulted in more conservative behavior toward saving to provide future security in these difficult times.
It was found that 49% of Bangkok residents expect to save more in the next 12 months than they previously have due to an expectation that the weakening economy, high oil prices, inflationary pressures and higher prices will forcibly necessitate the majority of them to cut back on their personal spending to maintain personal financial stability.
However, 24% of Bangkok residents are not so optimistic and believe that whatever prudent measures they take to save and maintain financial security they will ultimately save less than before due to inflationary pressures and higher prices on necessary products, services and utilities. s
The main expenses that consumers will try to save on include gasoline, electricity and water, eating outside the home, entertainment, clothing and accessories, telephone charges and durables purchases.
Overall, consumers believe that the government can help the consumer by running social campaigns to promote the placement of price ceilings on products; building an energy saving consciousness; promoting the use of mass transit services and promoting the use of inexpensive products and services and to save more money.
To this end the government appears to be making some of the steps in the right direction to guide and assist Bangkok residents. ‘ThaiView' findings indicate that awareness of government savings campaigns have been markedly high for the ‘Blue Flag' (82%) ‘Saving Account' (71%) and the ‘Interest Rate Increase' (61%) communications which have been well received, considered relevant and effective overall by a majority.
About ThaiView
ThaiView is a quarterly survey of five hundred residents in eighteen districts of Bangkok conducted by the Thailand Marketing Research Society. The objective of the survey is to understand trends in Bangkok resident's satisfaction with their quality of life, confidence of improvements of their financial situation in the near future, as well as, their opinions and thoughts about current social and economic issues facing Thailand.
About Thailand Marketing Research Society
The Thailand Marketing Research Society (TMRS) is a juristic body comprising of professional market research organizations and businesses in Thailand. The TMRS objective is to promote and upgrade the market research industry in Thailand and protect the rights of market researchers and users of market research.