This year, consumers are expected to remain cautious in their spending. Amid the difficult economic environment, they may feel insecure toward jobs and income, especially with the massive layoffs this year. Most consumers are likely to prefer shopping at stores near home, especially at those offering bargains, and focus more on smaller portions of items but greater shopping frequency, as well as giving special attention to economical products.
KASIKORN RESEARCH CENTER (KResearch) holds the view that retail business should remain comparatively resilient to the economic downturn, thanks to the sales of basic necessities. The wholesale/retail trade GDP in 2009 will likely grow 0-0.3 percent. However, this would be slower than the growth of 1.91 percent in 2008 and the lowest level since the 1997 financial crisis.
Despite ebbing consumer purchasing power in 2009, intense retail market competition is expected to continue from 2008 wherein retailers are likely to make great efforts to win or maintain their regular customers. To stay afloat, emphasis should be placed on brand equity, the total customer experience, thorough studies of consumer behavior and clear strategies to reach specific target groups. Amid slowing demand, ‘instant marketing' tactics using limited budgets to spur impulse buying are expected to be prevalent this year. Therefore, price discounts, the offering of pre-packaged specials, ;Buy One Get One” campaigns and event marketing are expected to be common throughout 2009.
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