Thailand economic development gave birth to a middle class able to consume and aware of the new trends.
Thanks to a steadily growth, Thai people believe in the future and make their economy enter in a virtuous circle, which benefits to the entire country. This middle class is growing and tends to consume as the European middle class.
Real estate investment
Among all the consumption goods that Thai middle class favors, real estate investment is on the top of the list.
Thai people buy many apartments or villas as part of a long term investment which benefit to the entire family. Seaside resorts such as Phuket, Pattaya and Hua Hin are very popular among the buyers for secondary residences. People who live in Bangkok are the ones who buy these kinds of residences since they are the wealthiest.
Many young town folks who have comfortable wages invest quickly in the numerous condominiums offered by the prom
oters, which shows the strong trust of Thai people in their future. In Bangkok, 95% of the properties are purchased by Thai.
While the number of foreign tourists is increasing – more than 24 million in 2013 – Thai are also starting to appreciate traveling in their own country. With a growing purchasing power, the middle class is enjoying its new free time and go in holidays.
Thai people are not only traveling in their Kingdom, they are more and more to go abroad, which shows their prosperity. Among their favorite destinations, Paris, Hong Kong and New York.
A common consumption
The urge to consume is a typical feature of the new middle classes, and is very strong in Thailand. People want equip their home with appliances as well as the latest audio and video devices. For instance, car and smartphones sales are booming in Thailand.
The huge shopping malls are one of the visible signs of this change in the Thai society. Initially located in Bangkok, these temples of consumerism can now be found in every major city: Pattaya, Phuket, and even Hua Hin have their malls.
Bangkok remains the capital of the shopping centers with more than 30 throughout the city. The most famous are Siam Paragon, Central World and Emporium.
Best places to have fun and eat, those malls are extremely appreciated by Thai who love to spend time here. This is the modern and air-conditioned version of the traditional markets. The numerous boutiques are located on different floors. Many Thai and international restaurants, as well as cinemas are present. Some of the malls even possess a gym, an ice-rink and a water park… many activities perfect to delight the whole family.