The rapid aging of population is being seen in many developing countries, while most advanced nations have become full-fledged aging societies. Thailand has been an aging society since 2005 and is expected to become an aged society in 2022 or three years at the earliest. Currently, about 6-8 provinces in Thailand have become aged societies, namely La mpang, Phrae, Chainat, Sing Buri, Ang Thong, Samut Songkhram and probably Lamphun and Uttaradit. It is likely that Thailand will be the first country among developing countries to become an aged society; thereafter a super-aged society by about 2032.
The rising number of aging population along with their spending will likely offer more opportunities for products and services for the elderly. We at KResearch have assessed that the current cash flows in the product and service markets for the elderly total at least THB900 billion p.a. Such products and services include foods, beverages, elderly care centers, health tech, car rental, delivery and tour.
However, because a majority of Thai elderly or approximately 95-96 percent of the elderly population has low to m oderate income while their needs are expected to increase and change, related entrepreneurs may experience more challenges in selecting and developing products and services to meet the needs of target customers. If they want to penetrate the target elderly segment with low to moderate income, their products and services must be affordable. If they target elderly customers with medium income or higher, they may face heightened competition, so they need to attach importance to value for the money, differentiation and quality to meet the needs of individual customers. Most importantly, channels designed to reach target customers must be convenient and user-friendly.