The Effects of Aging Society on Consumer Market Trend in Thailand:Literature Revisited

Abstract

Abstract It is indisputable that Thailand demographic is experiencing a shift to a higher proportion of elderly persons. This creates changes in many sectors such as family structure, labor, finance and consumer market. This study is a literature revisited gathering data from Science Direct, Research Gate, Google Scholar and Bank of Thailand. The variables reviewed are physiological changes, cognitive capabilities and motivation, retirement planning and pension fund, government policies and inflation. The results suggest that the consumer market trend spawned from aging society will value healthy living, convenience, quality and cost-effectiveness, therefore we recommend businesses to invest in health items such as medicine and healthy food with low or no sugar and cholesterol, as well as elder friendly furniture and appliances such as doorknobs and latex mattresses. We also recommend further research that would assist in the making of effective government pension policies to protect the integrity of elderly’s buying power. Keywords: Aging population, Consumer market trend