Amid the epidemic situation of the Omicron strain of covids that is likely to affect the economic recovery cadence at least in the first quarter of 2022, affecting the recovery of the business sector and the purchasing power of households In contrast to the continuously increasing cost of living whether the price of meat Especially pork prices, the highest in 10 years, egg prices, vegetable oil prices, energy prices, and utilities (electricity) prices.
However, the government has gradually released measures to help the cost of living for consumers, such as measures to fix the prices of various products, such as the price of cooking gas, the price of chicken meat, the Blue Flag Project, etc. Most consumers are still concerned and affected by the rising cost of living situation. especially food expenses (meat, fresh vegetables, chicken eggs, vegetable oil, ready-to-eat food and food outside), utilities (electricity) and travel expenses (fuel and public transport costs)
According to a survey conducted by the Kasikorn Research Center, Bangkok residents with incomes less than 15,000 baht per month are the most affected. Compared to other income groups, around 36% said their expenses increased more than 20% compared to the year before the price hikes. while the people of Bangkok with middle to high income will have a comparatively less impact and are able to cope with such situations more
The cost of living has gradually increased. As a result, in the short term, Bangkokians plan to change their consumption behavior by choosing to spend only what is necessary. Reduce or slow down the consumption of luxury and durable goods. including reducing social activities The businesses that are expected to be heavily affected are fashion products (clothes, bags, shoes), automobiles, real estate, etc., which will further pressure the recovery of such businesses in the next period. They can be replaced at a lower price, such as second-hand goods, second-hand products (House brand), products during promotions. Including the switch to eating meat or food that is cheaper, etc., which is an opportunity for secondary brands to enter the market. to further create awareness among consumers
Considering the expectations of the people of Bangkok To the government and private sectors in coming to help and solve the problem of the rising cost of living, it was found that most consumers wanted the government to urgently issue measures to help. The top 3 items were to control the prices of goods that are essential to living in many countries. More categories such as prices for other types of fresh food such as seafood, daily necessities and energy prices increase the minimum wage
as well as wanting to expand measures to help the cost of living in utilities (electricity and water bills) ending since September 2021, while in the private sector Consumers want entrepreneurs to slow down the price increase. or reduce the quantity of products (Resize) instead of increasing the price if necessary and increase the promotion of product price reduction activities to be more frequent especially essential products such as ready-to-eat food personal use, etc.
Going forward, the vast majority of Bangkokians still believe that the rising cost of living situation is likely to remain unresolved in the short term, and over 50% expect the problem to drag on for more than a year, with most of them being able to cope. in the medium to low range Kasikorn Research Center considers In addition to issuing specific measures that will help ease consumers’ cost of living in the short term, such as fixing and controlling prices of essential goods Organizing promotions, price reductions, etc.
The public and private sectors should accelerate and jointly solve the supply shortage problem to the point, as well as increase the competitiveness of small-scale entrepreneurs in the market at the same time, such as increasing the number of pigs in the market through capital support. and create confidence for small farmers to return to raise more pigs Strict implementation of measures to control and monitor epidemic roads in various animals, accelerating the resolution of rising raw material prices and transportation costs.
while the business sector must be flexible in adapting and increase efficiency in cost management To help consumers and create opportunities for growth in the next phase, such as reducing the quantity or size of the product (Resize) instead of raising prices. Bringing technology to help in stock management including the use of customer databases (Big data) to help analyze consumer behavior so that businesses can adapt and respond to their needs more accurately, etc.
