Mintel: Gen Z is spending less in the post-pandemic era but also to focus on sustainability and health

Mintel, the global market information specialist It points out that spending most of their lives in times of uncertainty makes Gen Z more focused on the future. Get more financial knowledge and make smarter decisions in shopping

After experiencing the COVID-19 pandemic Resulting in economic downturn, high inflation, and climate change. Thai consumers under the age of 25 are less likely to spend money, with about three in four (75%) choosing to save for the future over spending money on purchases.

Nowadays, the new generation always thinks before paying. About 4 in 5 young people (86%) read product reviews before buying. They are also more willing to spend money on healthy products (53%), trusted certified products (39%) and environmentally friendly products (36%).

Although about two-thirds of Gen Z (60%) were satisfied with their lives in the last half of the past year, (Until June 2022) Research from Mintel indicates that Young consumers feel stressed and isolated. They value holistic health and well-being when making purchase decisions.

Gen Z are looking for quality, accessible health solutions, but more than two in three (38%) will make a purchase. only when they can verify that the products are authentic and trustworthy This is evident when shopping for food and beverages, where Gen Z spends the most on this category (65%).

Although Gen Z faces many challenges Their commitment to sustainability and social benefits remains unchanged. And they also expect their self-worth to be reflected in the brands they choose. More than three in four (76%) of Gen Z in Thailand say they put more effort in their daily lives to “be more productive.” Save the environment and about 25% think paying more for a sustainable product is worth it.

Online channels are still the most frequently used by young consumers in Thailand, with more than three in five (65%) saying they would rather shop online than offline. And a similar number (64%) said they scrolled through social media for relaxation.

Wilasinee Siribunphipattana Senior lifestyle analyst at Mintel Reports Thailand said that consumers aged 18-25 make up about one in five of all consumers in Thailand. They represent the future. Brands need to understand how to engage with these consumers and build brand loyalty early.

But brands will also face challenges, as most Gen Z consumers prefer spending more than saving. But many people still depend on their parents financially. And they may not have the freedom to choose how to spend.

“Brands can successfully and effectively connect with Gen Z using digital channels. By providing authentic, transparent and supportive information on what Gen Z consumers care about most. Brands can take advantage of this opportunity to help ease the worry of spending money. By adding value to the spending of the new generation of consumers. and help them save better for the future.”