Over 4 million Myanmar people residing in Thailand have quietly evolved into “a massive consumer group” with a purchasing power of over 221 billion baht (US$6.77 billion) annually, according to research published by consultancy firm Happio on May 23.
According to the report, there are 4.1 million Myanmar people in Thailand, which is equivalent to 6.5 percent of Thailand’s population and represents 8.2 percent of the Thai workforce. They directly inject 65 percent of their expenditure into Thai businesses and local communities, Happio said.
“Today, the Myanmar consumer market in Thailand is no longer a niche, fringe sector; it is a vital engine of domestic purchasing power,” Natee Jarayabhand, chief executive officer of Happio Co., Ltd., told Thai media outlet The Nation.
The firm divided Myanmar people living in Thailand into three segments: skilled blue-collar workers, who make up the largest group; “light blue-collar” employees comprising long-term residents with advanced job skills; and white-collar employees and students, a rapidly expanding educated segment including some 15,242 Myanmar nationals currently pursuing university degrees in Thailand.
Natee noted that “Far too many Thai brands remain shackled to legacy stereotypes, viewing this demographic solely through the lens of industrial labor. In reality, we are witnessing the rise of a highly aspirational generation of entrepreneurs, skilled workers and upwardly mobile families spending heavily to elevate their living standards. The commercial spoils will go to first-movers who decode this audience.”
According to the report, food and beverages account for 17.4 percent of Myanmar people’s spending, housing and utilities for 13.8 percent, and clothing and personal items for 4.6 percent.
The consultancy firm claimed the Myanmar demographic was now a sophisticated consumer segment with “extraordinary growth potential.”
Based on spending statistics, the report identifies five industries likely to benefit most from Myanmar migrants’ spending: food and beverages; housing; digital and financial services; healthcare; and retail products.
“Businesses that understand and cater to this community can tap into significant growth opportunities,” Happio said, estimating the value of this market at 221.2 billion baht annually.