Nearly Two-Thirds of Drinkers in This Country Have Stopped Buying Booze Due to Elevated Prices, Study Says
Global Data’s 2023 Consumer Survey was published this month, and it revealed that 62% of drinkers in Thailand have stopped buying alcoholic drinks because they consider them to be too expensive. Thirty-one percent still consume alcohol “regularly.”
Priyanka Jain, a consumer analyst at Global Data, said Thai manufacturers are “facing enormous challenges amid high inflationary pressures” that have led to increased prices. However, the price hikes may have gone too far if nearly two-thirds of drinkers are staying away from booze.
“Moreover, the limited shelf presence and high price point of low-/no-alcohol products are compelling Thai consumers to opt for cheaper alternatives,” Jain said.
Tim Hill, key account director at GlobalData Singapore, added that the COVID-19 pandemic raised awareness among Thai consumers about the importance of lowering alcohol intake for health purposes.
“This gave rise to more consumption occasions for low-alcohol and no-alcohol or alcohol-free products. This ties in with GlobalData’s 2023 survey, wherein, 81% of Thai consumers said they consume low-alcohol or 0% alcoholic alternatives at least once a week,” Hill said. “Low-/no-alcohol offerings have also generated interest among drinkers and manufacturers alike, as they address some of the social, political, and economic concerns associated with binge drinking and alcoholism.”
Hill said low- and no-alcohol brands are targeting female drinkers through lifestyle-oriented product positioning. Leading beverage companies are also developing healthier options to attract health-conscious drinkers.
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