February 28th, 2023, Samuel Tan
In January, our article on APAC’s top New Year Resolutions for 2023 revealed that over half of APAC’s consumers (54%) say that better money management is on their list of goals for this year.
In this article, we explore what residents in Thailand think about the state of their household finances – how do perceptions vary across income levels?
Additionally, do Thailand’s residents generally expect their household finances to get better or worse over the next 12 months? And how bullish or bearish are workers from specific sectors, like real estate or retail, about their future finances?
Are household finances in Thailand getting better or worse month over month?
Latest research from YouGov Profiles show that approaching half (46%) of Thai residents say there has been no change in their household finances compared to one month ago. Data from YouGov Profiles reflect cumulative responses over the past 52 weeks.
A third (34%), however, report worsening household finances, while a sixth (16%) say their financial situation has improved compared to the month before. Concerningly – compared to other APAC markets like Australia, Hong Kong, Indonesia and Singapore – a larger proportion of Thailand’s residents say their household finances have changed for the worse.
Analysing by income levels reveal that higher income households are significantly more likely to report that their financial situation has improved (5-8 percentage points higher on average than middle to lower income households) and significantly less likely to say their finances have worsened (12-16 points lower on average than middle to lower income households).
The reverse is true for lower income households, who are significantly more likely to report a worsening financial situation (39%) and significantly less likely to say their finances have taken a turn for the better (13%).
Do Thai households expect their finances to improve or worsen over the next 12 months?
When asked how they anticipate their household finances to change over the next 12 months, only a third (34%) of Thai residents expect their situation to remain the same.
In comparison, more than two-fifths (43%) expect their household finances to improve, while only a seventh of households (14%) expect their situation to worsen.
Regionally, Thailand’s residents are relatively optimistic about changes in their household finances in the next 12 months – compared to other APAC markets like Australia, Hong Kong and Singapore. Residents in Indonesia are, however, are the most upbeat, with over three in five expecting their household finances to improve.
In which sectors are respondents most bullish and bearish about their household finances in the next 12 months?
Thai residents who work in Real Estate are most optimistic about their household finances in the next 12 months. More than three in five expect an improvement, as do over half of those who are employed in the IT & Telecoms, and Legal, Media / Marketing / Advertising / PR & Sales sectors.
On the other hand, those employed in the Accountancy, Medical & Health services and Retail sectors are most pessimistic, with close to a fifth expecting their household finances to get worse in the next 12 months.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Thailand is representative of the adult online population (18 years or older), and weighted by gender, age, region and monthly household income, and reflect the latest National Statistical Office of Thailand (NSO) population estimates. Learn more about Profiles.