ABSTRACT
Changes in consumer behavior and marketing practices in Thailand are the main focus of this chapter. Thailand enjoyed an economic boom during the late 1980s and early 1990s. In 1997, the country was strongly affected by the economic crisis that hit many Southeast Asian nations. The crisis created an awareness of the importance of globalization and the urgent need to make social institutions and business operations internationally competitive. To cope with the rapidly emerging global environment, many changes occurred in policies, focus, structures, and strategies within both the government and private sector. After 2000, although not fully recovered from the crisis, Thailand resumed development activities at full pace. The market is vibrant with new activities of both large and small operations. Subsequently, increased competition is unavoidable. Large businesses exploit their advantages in the market while smaller ones retract to niche strategies. Some, though not many, prominent local brands have started to appear. It is expected that the second half of the current decade will see even more intense competition as the country opens up to goods, services, and investment from China. Thailand’s keys to survival in this new environment will be more precise targeting of markets, more innovative marketing strategies, and improved efficiency.
