Ms. Prompohn Supataravanich, Associate Director - Market Research & Strategy at Hakuhodo Institute of Life and Living ASEAN (Thailand), suggested the following actions for brands:
Brands should launch campaigns to encourage consumers to be the “Best Version of Me” for the happiness of themselves and families.
The desire to shop and level of happiness has never been higher. Brands can offer consumers opportunities to shop in a way that allows them to make the most of life, improving their physical image with clothing and cosmetics or upskilling through learning and buying work equipment.
They can also launch campaigns to celebrate the ‘return to the world’ during Mother’s Day, birthdays, or long holidays. These opportunities will allow consumers to go out and travel, work, and find ways to put happiness at the forefront.
Be honest and transparent with consumers, especially during hard times
Although prices are soaring, essentials remain necessary, and consumers inevitably face higher expenses. Brands should communicate clearly to customers if they need to increase prices and show that they have made all reasonable attempts to maintain the original prices.