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Published on February 25, 2008

TNS managing director Grant Bertoli said last week that consumers aged over 40 years are the largest customer groups in Asia because people in this group tend to live longer than in the past. This group is called the greying market.

According to World Bank information published in 2005, people aged over 65 years accounted for 20 per cent of the population of China, an increase from 8 per cent in 1975, while they accounted for nearly 6 per cent in Thailand.

In Thailand approximately 34 million people are now aged 40 years or more from a total population of 64.6 million, according to the international database of the US Census Bureau. The bureau forecasts that numbers in this consumer group will increase to 47 million in 2025 from a total Thai population of 70.5 million, said Bertoli.

"Asian countries including Thailand are dominated by people aged over 40 years. They have a lot of money to spend. The industries that will benefit from the greying consumers are property, consumer products and healthcare as well as banking and financial services," he said.

TNS recently published a business survey entitled "Asian Consumer Trends". The research included the trend of increasing greying consumers an other trends, such as concern for the environment, the importance

of the Internet and the strength of the health and wellness services and how to implement marketing strategies for them.

Bertoli said the factors that the greying consumers consider before they make decisions to buy products or services are unique physical and emotional needs, designs, packaging, special stores and shelf design.

He added that the sales value of health products in Thailand increased significantly last year. Essence of chicken rose 30 per cent in value, 100-per-cent fruit juice value rose 27 per cent, and other items such as cup yoghurt, milk and juice drinks also rose. Meanwhile, soft drinks, snacks and ice cream dropped in sales value by 6 per cent, 7 per cent and 8 per cent, respectively.

Asian household consumption expenditure is tending to increase. Malaysia is the strongest performer among Southeast Asian countries. Thailand household consumption expenditure last year was nearly US$1,500 (Bt49,000) per year, while Malaysian households spent approximately $2,100 per year. Japanese households were the highest consumers in Asia, spending about $20,000 per year, according to the World Bank information, said Bertoli.

"The research reflected that Asian consumers tend to increase their expenditure every year. Meanwhile, Asian economies have been growing at 7 per cent per annum compared with global growth of 3 per cent," he said.

Nalin Viboonchart

The Nation