As inflation soars, consumers’ purchasing power is being squeezed. According to figures from research conducted by the forward-looking firm Mintel, young people from Generation Z in Thailand are looking to buy healthy and ethical products… while spending as little as possible.
If we tend to think of young people as spending their money like the grasshopper, they are actually behaving like the ant. “When Zs spend, they do so thoughtfully. More than four in five (86%) read product reviews before making a purchase. They are also more likely to spend on products that offer health benefits (53%), are certified by credible sources (39%) and are environmentally friendly (36%),” says Mintel.
Cherished wellness and transparency
Scalded by the pandemic and drastic containment measures, young Zs are looking for fun. Their mental health is important, and the induced well-being that a product can provide is a real buying factor.
Sustainability is also a key priority. Nevertheless, only 25% think it’s worth paying more for sustainable products.
Zs are looking for quality, affordable care, but more than two-thirds (38%) will only be convinced when they can verify the authenticity and reliability of a product.
“To win the hearts of Zs, brands can use digital channels to demonstrate authenticity, transparency, connect with the values this generation holds dear, and promote their image,” advises Mintel. “There is also an opportunity for professionals to help combat financial anxiety by offering better quality products at a more …
