Covid has been tough on small businesses, the backbone of Thailand’s economy. Challenges and trends for 2023’s entrepreneurs will include digital transformation and changes to customer behaviour, to say nothing of inflation.
The last two years saw a number of businesses shut down. Now, many have reopened or started afresh. To help them adapt to trends for 2023’s entrepreneurs in the post-pandemic world, Thaipbsworld and Finbiz have identified new creative trends for entrepreneurs in 2023.
The health and wellness industry has been on an upward trend in Thailand for years. People have shifted to healthy lifestyles and spend more on keeping themselves in good shape, physically and mentally.
Finbiz expects the private hospital market to grow by 10% in 2023. Private hospitals started to recover last year thanks largely to the return of foreigners and the registration of over 960,000 legal migrant workers with private hospitals.
Aesthetic treatments, massage and spa treatments are expected to do well. During lockdowns, spending habits changed. People bought at-home beauty tools for DIY treatments that allowed them to imitate the spa experience at home. That trend is expected to turn around completely with people returning to the relaxing environments they know and love.
There is a rising trend of pet owners treating their pets like (better than) their children, however, degrading that may be for the animal. This has had a major impact on the pet care industry. Almost 70% of pet owners regard their pets as important members of the family, with 47% of them treating their pets like their children and 37% admitting they would get into debt for veterinarian expenses.
People have changed their behaviour toward their pets driving the pet industry to diversify. Humanisation has contributed to an increase in spending especially on premium products and services. Owners are pampering their pets and spending heavily on premium pet food, supplies, vet care and services such as clothing, grooming, exercise and training.
Many owners dress their pets for special occasions, take them swimming or even in public places like department stores. Many condo projects and restaurants are pet friendly. Big cities are the biggest markets for pet businesses.
People are turning to healthy, sustainable food sources and eating a greater variety of foods – less salt, sugars and saturated fats. They are choosing to diets that have the least environmental impact and are beneficial for their health, like plant-based foods.
“Delivery Trend Report 2022” by Grab revealed that 74% of Thai customers will order plant-based food twice a week. Healthy food is no longer limited to any particular group. Two-fifths of consumers tried plant-based meat last year.