[heading]"ThaiView" finds that future financial confidence has increased amongst Bangkok residents with tranquility, simplicity and good health deemed the ultimate needs in life.[/heading]
The overall satisfaction of Bangkok residents towards their quality of life during this quarter has remained relatively the same but the key change seen is that confidence in their personal financial situation has greatly increased from only 33% in the previous ThaiView to 45% being somewhat confident to very confident in their personal financial situation.
Confidence in personal economic situation in next 12 months
Daranee Charoen-Rajapark, President of the Thailand Marketing Research Society and Managing Director of MarketWise Ltd. reports that this ThaiView's results indicate that inflationary pressures and increasing prices are still at the forefront of Bangkok residents' minds in terms of their concerns, however, there is now a pronounced focus towards their overall well being and focus on the individual. A significant increase in terms of life needs is that a high 65% of the residents want a life full of tranquility and simplicity in this ThaiView up significantly from a lower 50% in the last ThaiView. Good health is highly desired with up to 67% citing in this ThaiView as compared to a lower 61% in the last ThaiView. Consistently, the number one concern among the Bangkok residents is now health and illness with a whopping 39% citing in this ThaiView compared to only 10% in the last ThaiView.
Clearly, the focus is now on issues that directly impact the individual as opposed to the whole. The overall concern for the economy and unemployment is reduced from 43% in the last ThaiView to a lower 33% in this ThaiView, whereas the immediate issue of having enough money to live and pay the bills is now cited by 31% as opposed to a lower 19% in the last quarter.
One reason for the shift in mindset could be the result of the Sufficiency Economy philosophy, advocated by His Majesty the King of Thailand as a guideline for Thai people to lead their lives as a means to a stable and sustainable existence amid the challenges of globalization. ThaiView results show that 98% of the Bangkokians interviewed have heard of the Sufficiency Economy philosophy, and 76% of them claim to have an understanding of the philosophy. The top mentions as to the meaning of the Sufficiency Economy in their viewpoint are satisfaction with what one has (52%), saving and using money in a reasonable manner as opposed to being wasteful and extravagant (41%), the ability to live on one’s own means and according to one's situation (24%), and living life with reason and good sense (19%).
In addition, 80% also claim to apply this philosophy to some extent in leading their lives. Upon further checking as to their actual behaviours, a high 75% of the residents cite spending wisely and only buying what is truly necessary, and 37% cite saving money. Coupled with the fact that the residents see farmers and low income people as being the groups of people who would most benefit from the application of the philosophy, the TMRS results indicate that the public understanding of the Sufficiency Economy still focuses heavily on spending expenditure, whereas the other core values of the philosophy are not completely registered.
Most encouraging, however, are the benefits seen regarding the Sufficiency Economy which no doubt have impacted Bangkokians. The main benefits cited are more happiness in life (67%), a life free of debt/reduced debt (53%), more savings (47%), a life with less struggles and competition (27%), less stress (25%), and more self pride (25%) among others. To further promote this philosophy, residents would like the government to provide information and knowledge on the philosophy and do the necessary public relations; assist the
new graduates, uneducated and the unemployed; and provide information on how to use resources effectively and efficiently.
Lastly, Bangkok residents who all celebrate the 60th year anniversary of His Majesty’s accession to the throne have their pledges to not take advantage of others (23%), work honestly and ethically (17%), steer away from vices such as drugs, alcohol and smoking (16%) and be a good person with good thoughts and morals.
ThaiView is a quarterly survey of approximately 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.
For more information, please contact
Khun Vibhavaris Ratanasaka