a study of future impact of aging society in thailand

A STUDY OF FUTURE IMPACT OF AGING SOCIETY

IN THAILAND

BY

MISS THEPSOTHON ASSAWATEERAKIAT

AN INDEPENDENT STUDY SUBMITTED IN PARTIAL

FULFILLMENT OF

THE REQUIREMENTS FOR THE DEGREE OF

MASTER OF SCIENCE PROGRAM IN MARKETING

(INTERNATIONAL PROGRAM)

FACULTY OF COMMERCE AND ACCOUNTANCY

THAMMASAT UNIVERSITY

ACADEMIC YEAR 2017

COPYRIGHT OF THAMMASAT UNIVERSITY

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Independent Study Title A STUDY OF FUTURE IMPACT OF AGING

SOCIETY IN THAILAND

Author Miss Thepsothon Asswateerakiat

Degree Master of Science Program in Marketing

(International Program)

Major Field/Faculty/University Faculty of Commerce and Accountancy

Thammasat University

Independent Study Advisor Professor Paul G. Patterson, Ph.D.

Academic Year 2017

ABSTRACT

As the fertility rate declines and the average life expectancy increases,

Thailand is becoming an aging society. Aging population increase while young and

working age population decrease which means that young and working age population

will be struggling to take care of seniors. Both private and government sectors have to

concern about the problems that will occur in the near future.

To better understanding the social, economic and general impact on the

healthcare industry of this aging society, marketing research was conducted with

qualitative research. Exploratory research was conducted by secondary research from

various credible sources, in-depth interviews and observations in order to get

insightful information and trends about the future impact on Thai society.

The purpose of this study then is to gain insightful to this aging society in

order to determine suitable opportunities and practices for both private and

government sectors. The findings will not only benefit the private sectors and

government to be prepared in terms of business opportunities and government policy,

but also provide a deep understanding of its impact and so preparing society at large

for future change.

Keywords: Aging people, Aging society

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ACKNOWLEDGEMENTS

Firstly, I would like to express my honest appreciation to Prof. Paul G.

Patterson who devoted his time to give me valuable recommendations and useful

guidance throughout independent study doing period via email and face-to-face

meeting. Without him I could not do this study smoothly.

Secondly, I would like to express my sincere thankfulness to Asst. Prof.

Pannapachr Itthiopassagul, MIM director and all of MIM officer for their helpful

assistance.

Thirdly, I would like to thank you all of interviewees for their help. Their

opinions, answers and recommendations resulted in wonderful results for this study.

Finally, I could not have done this paper without the support from my family

and friends who are always willing to help me whenever I need their helps.

Miss Thepsothon Assawateerakiat

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TABLE OF CONTENTS

Page

ABSTRACT (1)

ACKNOWLEDGEMENTS (2)

LIST OF TABLES (4)

LIST OF FIGURES (5)

CHAPTER 1 INTRODUCTION 1

1.1 Problem Statement 1

1.2 Purpose of Study 1

1.3 Research Objectives 2

CHAPTER 2 REVIEW OF LITERATURE 3

2.1 Two Major Factors Driving Aging Society 3

2.2 Aging Society in Thailand 3

2.3 Business Opportunities in an Aging Society 7

2.4 Organizations Must Prepare for Older Employees 8

2.5 Aging Society is a Big Concern of Government 8

2.6 Conclusion of Literature Review 9

CHAPTER 3 RESEARCH METHODOLOGY 10

3.1 Research Methodology 10

3.1.1 Research Design 10

3.1.2 Exploratory Research 10

3.2 Questionnaire Design 11

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3.3 Identification of Key Research Variables 12

3.4 Target Population 12

3.4.1 Sample Size 12

3.4.2 Qualification of Respondents 13

3.5 Data Collection Plan 13

3.6 Data Analysis Plan 13

CHAPTER 4 RESULTS AND DISCUSSION 14

4.1 Key Findings from Secondary Research 14

4.2 Key Findings from In-depth Interview with Senior Citizens 16

4.3 Key Findings from In-depth Interview with Business Sectors 20

4.4 Key Findings from In-depth Interview with Government Sector 24

4.5 Key Findings from Senior Housing Observation 25

4.6 Remedy for an Aging Society 26

CHAPTER 5 CONCLUSIONS AND RECOMMENDATIONS 29

5.1 Conclusions 29

5.2 Recommendations 31

5.2.1 Recommendations for Business Sectors 31

5.2.2 Recommendations for Government Sector 32

5.3 Limitations 32

REFERENCES 34

APPENDICES

APPENDIX A: Guideline questionnaire for business and government 37

sectors interview

APPENDIX B: Guideline questionnaire for aging people interview 38

APPENDIX C: Respondants’ profile summary 39

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BIOGRAPHY 40

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LIST OF TABLES

Tables Page

Table 2.1: Thailand’s Life expectancy at birth and total fertility rate, 4

1960-2025

Table 2.2: Demographic trends of an aging population with respect to gender 5

Table 2.3: Demographic trends of an aging population with respect to income 6

and economic security

Table 2.4: Sources of revenue of older person 6

Table 3.1: Research methodologies and sample size 12

Table 4.1: Impact of becoming aging society 14

Table 4.2: Key findings from in-depth interview with government sectors 24

Table 4.3: Key findings from senior housing observation 25

Table 4.4: Remedy for an aging society 26

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LIST OF FIGURES

Figures Page

Figure 2.1: Age profile of the population of Thailand 1960 – 2020 5

Figure 4.1: Senior-living-friendly conceptual design 16

Figure 4.2: Senior-living-friendly design 17

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CHAPTER 1

INTRODUCTION

1.1 Problem Statement

Nowadays, an aging society is one of the issues that many countries, including

Thailand, are concerning about. Due to the population explosion in Thailand in the

1960s and 1970s, a decline in fertility rates, and a longer life expectancy, the shape of

population pyramids has changed. Fewer births narrow the base of the population

pyramid while longer life expectancy expands the top of pyramid, according to the

Foundation for Older Persons’ Development (2015). In 2020, the total projected

population of Thailand will be 70.5 million people and 19.1% of them will be aged

people as reported by the National Economic and Social Development Board (2016).

Therefore, an aging society is a rising trend that both the Thai government and

the private sector are going to have to deal with. It is not easy to go through this social

change without preparation because the Thai people are going to struggle with taking

care of a huge number of aging people. This means that they are going to need enough

manpower to look after the old, enough medical resources for their treatments, and

appropriate products that suit their needs and lifestyles. Concurrently, the Thai

government has to concern itself with budgeting for the support of aging people and

plan policies dealing with this situation. This will be a challenging task for the Thai

government because they need early preparation owing to the change of policy, the

need for policy implementation lead time and lack of money. Already, the Ministry of

Finance allocates most of its budget on the poor; 91% of the state welfare budget

according to Thansettakij (2017).

1.2 Purpose of Study

The purpose of this study is to determine the potential opportunities for the

private sectors to engage in business during the coming era of an aging society and to

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determine how best to adapt their businesses to suit aging people’s needs and wants.

Another purpose of this study is to define government policies needed to deal with the

change as Thailand is faces this challenge. For that reason, in order to achieve the

main purposes there are three main related topics of investigation including:

1) The habits and needs of aging people

2) Governmental policies for aging people

3) Business opportunities in aging society industry

Thus, the findings in this report will provide useful knowledge and insight for

the Thai private sector and government leading to benefits for both the aging Thai

population and society at large.

1.3 Research Objectives

In order to achieve the main purpose of this study, the research objectives are

listed as follows:

1) To study the economic and social impact of Thailand’s aging society.

a. To study the market situation of Thailand’s aging society.

b. To investigate aging people’s needs and lifestyle.

c. To explore the opportunities of doing a business in Thailand’s aging

society market.

2) To investigate and recommend appropriate government policy to cope with

this aging society.

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CHAPTER 2

REVIEW OF LITERATURE

2.1 Two Major Factors Driving Aging Society

An aging society is one of the issues that many countries are concerning about.

There are two major factors that are driving aging societies. The first major factor is

that the fertility rate has declined globally by almost half, from 5.0 to an extremely

low level of 1.5 children per woman during the years 2000 to 2005. Nowadays, the

total fertility rate is lower than the level of replacement in practically all industrialized

countries at a rate under 1.3 children per woman as reported by the Brookings Papers

on Economic Activity (1990). The second major factor is that mortality rates have

declined due to medical technology improvements. Not only are more people

continuing live into old age, they tend to live longer as well. Ecumenical life

expectancy at age 60 is expected to rise from 18.8 years in 2000- 2005 to 22.2 years in

2045-2050 according to the Population Division, DESA, United Nations (2017).

2.2 Aging Society in Thailand

After enjoying the world’s highest growth rate from 1985 to 1995 – averaging

almost 9% annually, Thailand is currently experiencing one of among the most rapid

rates of population aging in the developing world. A recent phenomenon in Thailand

is that the demographic of Thai population is shifting from a younger to an older

population age structure. The current rapid changes in Thailand stand contrary to

historical developments in most Western countries. This implies that the country is

going to face urgent issues related to the costs of health care, intergenerational equity,

social security and so forth in a far shorter time span than that has occurred elsewhere.

These issues need to be considered thoughtfully and solved by the application of

appropriate policies and suitable program development. (WHO, 2017)

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In terms of demographic shifts towards an aging population during the past

several decades, Thailand has been one of the most successful countries in bringing

down its fertility level over a short period of time. The total fertility rate has declined

from over six births per woman in the mid1960s to below two in the mid-1990s.

(United Nations, 1999)

Table 2.1: Thailand’s life expectancy at birth and total fertility rate, 1960 - 2025

Life expectancy in Thailand at birth increased from 51.9 years to 72.6 years

for men and 56.2 years to 78.1 years for women. In the coming decades, besides the

lowering of the growth rate, a major demographic consequence of this rapid fertility

reduction will be an inevitable ageing of the population. Even more dramatic will be

the rapid increase in the absolute size of the elderly population (aged 60 and over), a

result of past high fertility levels and substantial declines in mortality. A demographic

transition can be indicated by age profiles or a “Population Pyramid”. The below

figure shows actual age profiles of the Thai population in 1960 and 1980, as well as

projected profiles in 2000 and 2020. These four age profiles depict changes in

population structure from a pyramid in 1960 towards a bell shape in 2000 and a vase

shape in 2020. (United Nations, 1999)

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Figure 2.1: Age profile of the population of Thailand 1960 - 2020

The table below shows demographic trends of an aging population in terms of

gender. It shows that Thai women tend to live longer than men. The life expectancy of

Thai males and females at the age of 60 are 20.29 and 23.89 respectively. Female

Thais tend to live longer till the age at 80 with the life expectancy rate at 13.6 which is

2.7 years higher than males according to the United Nations (1999). One result of

Thailand’s aging society will undoubtedly be a feminization of the aged population.

Table 2.2: Demographic trends of an aging population with respect to gender

Demographic trends of an aging population with respect to income and

economic security are shown in the table below. The table implies that most of the

Thai elderly population with a monthly income of less than 10,000 Baht (at 43.9 %)

live in rural areas while 11.5% of the Thai elderly population have a monthly income

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higher than 50,000 Baht and live in an urban area. Data presented here is from the

Thai National Statistical Office (1994).

Table 2.3: Demographic trends of an aging population with respect to income

and economic security

The sources of revenue of older people in Thai society are illustrated in the

below table. The main source of revenue comes from their children at 84.5% followed

by work, spouses, savings/interests and other relatives at 38.0%, 21.4%, 17.1% and

14.9% respectively according to the Thai National Statistical Office (1994).

Table 2.4: Sources of revenue of older person

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2.3 Business Opportunities in an Aging Society

There are some businesses that will benefit from opportunities in an aging

population market. First, healthcare services need to offer a range of products to meet

the needs of aging people. The main focuses of healthcare service providers are

preventive care, long-term care, and care for chronic conditions. More doctors, nurses,

medics, and physician assistants will be needed to provide proper access to care. In

addition, specialized knowledge caring for senior citizens will be necessary for staff to

be able to provide professional healthcare service to them.

Second, the food industry has a great opportunity to provide nutritious food in

order to help aging people stay far from food insecurity or difficulty shopping. They

can also assist in preparing healthy foods and helping the elderly to stay healthy

through proper nutrition. Aging people may require nutritional education and

expanded meal programs which are suitable for their health.

Third, specialized senior exercise programs will help them manage chronic

conditions and lower their risk of falls which is a leading cause of death and disability

among aging people. Exercise programs can help seniors improve strength and

balance; in addition, they can help the elderly stay healthy and independent for longer.

Fourth, financial programs will be a necessity since a longer life expectancy

expands the length of retirement. In order to fund their retirement, aging people need

more wealth than ever. Financial institutions should revise their financial policies to

protect and expand financial security, social security, assistance and Medicare for

aging people.

The last one is housing and maintenance. Aging people are looking for

affordable senior living apartments or small homes with staff to help take care of them

and maintain their homes because they can no longer keep up with those tasks owing

to old age and risk of falls and other injuries according to the Portland Community

College, Institute for Health Professionals (2017).

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2.4 Organizations Must Prepare for Older Employees

It is not only the kinds of business mentioned above that will have to adjust to

the realities of an aging population. In addition to the business opportunities that an

aging population may bring, many other organizations will have to adapt to an aging

society as well. For example, many companies may have to keep the elderly on their

payroll when the retirement age is expanded as stated in Forbes (2014). Some

forward-thinking companies are already taking steps to adapt their organizational

structure and policies to accommodate in an aging society because they have seen the

trend of people living longer, staying healthier and continuing to work in their old age.

An example of this is provided by automaker BMW when they started to

implement inexpensive tweaks to workplace ergonomics such as easier-to-read

computer screens and custom shoes. Older employees of Xerox, Unilever UK and

Marriott have had introductory training programs established to enable the elderly to

transition out of physically-taxing jobs and into ones that better suit their skillsets and

experience.

2.5 Aging Society is a Big Concern of Government

According to Economicshelp (2016), governments in many countries are

forming plans now to respond to an aging population. An example of a policy that

governments in others countries have implemented to deal with an aging society is

increasing participation rate. These governments are letting aging people work longer

by increasing the retirement age from 65 to 70 years old. The benefits of this policy

include gaining more tax revenue because the employees pay income tax for a longer

period of time and savings on government expenditure due to a delay in paying

pensions resulting in substantial changes in financial models. In addition, policies

such as these can benefit the labor market to avoid of labor shortages. A second policy

is increasing income tax. Higher pension bills caused by an increasing number of

retired people represent a large amount of money that government will have to pay to

care for an aging population. Raising the income tax rate is one of government’s

strategies to increase revenue, but this policy may also backfire by discouraging

people to work who might otherwise be included to do so. A third policy is

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encouraging the private sector to place an importance on providing pensions and

healthcare. One potential problem in this scenario is that this policy may cause

inequality when aging people cannot afford private pensions. A final policy that some

governments have explored is encouraging young worker immigration. This is

ultimately a simple solution, but one that is often unpopular owing to concerns of

social issue.

2.6 Conclusion of Literature Review

An aging society is one of the major trends that many countries have to face

including in Thailand and it can cause many changes have a severe impact on the

economy and society. Thai government sectors are tracking this trend including the

private sector. Both groups are working to develop their products and services to suit

the needs of the elderly in the near future. Declining fertility rates along with a

declining mortality rate are driving demographic shifts towards an aging society with

an increase in the poor owing to an unequal income distribution. The rich tend to live

in urban areas while the poor tend to live in rural areas with monthly incomes lower

than 10,000 Baht which a rate at which they cannot afford appropriate healthcare

services. This resolution of this issue is a big challenge for government in the near

future. In addition, the phenomenon of feminization among the aged will be cause by

longer life expectancy of females. This also leads to poorer health and financial

outcomes than males so they deserve intensive attention and intervention. It is felt that

this is an opportunity to place more importance on the issues of female citizens doing

business than on male citizens. Healthcare, food, exercise programs, financial

programs and housing and maintenance businesses will be on the rise in an aging

society.

This research will contribute to the body of literature by studying the aging

people’s market with regards to business trends, consumer needs, habits, lifestyle

needs and the general needs of society to prepare for this inevitable shift. By

illustrating the issues, opportunities to do the business and develop government policy

in this market are clear.

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CHAPTER 3

RESEARCH METHODOLOGY

This research is an industry study and therefore relies on reliable information,

opinions and insights from numerous key stakeholders (e.g., healthcare, HRM

managers, government policy makers, and senior citizen) who have knowledge of

current trends and likely future societal impacts. Hence the research method is

exploratory and qualitative in nature involving numerous in-depth interviews and

examining available secondary data.

3.1 Research Methodology

3.1.1 Research design

This research focuses on a qualitative analysis by using exploratory

research including secondary research from various sources, in-depth interviews and

observations. After the process of data collection, the analysis will be done in order to

investigate the aging people market in order to identify aging people’s needs and

lifestyles in order to recommend opportunities for doing business in a market

dominated by an aging population and guide policy decisions for government to

effectively deal with an aging society.

3.1.2 Exploratory research

The purpose of exploratory research is to analyze the current situation in

Thailand with regards to an aging population. Various aspects will be investigated to

gain a better understanding of particular industries and to further develop a

questionnaire for in-depth interviews afterwards. Exploratory research consists of two

research methods as follows:

1) Secondary data

The purpose of secondary research was to study the capabilities,

opportunities, limitations, and trends of the Thai aging society industry (Objective 1).

Secondary data will be obtained from credible sources including published sources,

websites, academic journals, and articles. In addition, in order to seek more

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opportunities to adapt and apply our learnings to Thai aging people markets, the data

was obtained from international sources such as Forbes, the WHO, United Nations,

and Economicshelp (Objective 1 and 2).

2) In-depth interviews

In-depth interviews were conducted to discover insights of consumers and

key players in the aging people market. The in-depth interviews were conducted with

one respondent from each business segment including healthcare businesses, real

estate businesses (senior housing), financial businesses, government sectors and seven

respondents who are considered elderly in order to obtain insightful information from

both a product and service provider viewpoint. This method was performed according

to the following objectives:

- To investigate aging people needs and lifestyle (Objective1).

- To explore the opportunities of doing a business in Thailand’s aging

society market (Objective1).

3) Observation

The purpose of observation is to understand the consumer’s needs and

lifestyle at a detailed level by observing them in a senior’s home (Objective1).

3.2 Questionnaire Design

Questions were designed for the in-depth interview as open ended questions

in order to get deep insights from respondents. There were two sets of in-depth

interview questionnaires. The first one was the questionnaire for companies and

governmental parties consisting of open ended questions about the importance of an

aging society towards their business/ management as well as how to adapt their

business/ government policy to serve an aging society (See Appendix A: Guideline

questions for company and government interviews). The second questionnaire was the

questionnaire for the consumer side consisting of open ended questions about their

demographics, lifestyles and what they felt that they needed for health and happy

living in old age (See Appendix B: Guideline questions for aging people interview).

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3.3 Identification of Key Research Variables

Key variables of this study are

1) Aging people characteristics such as age, income and living

arrangements of aging people (independent living or assisted living).

2) Consumer behaviors such as living alone or living with children or

spouse and what congenital diseases they are may be suffering.

3) Psychographic variables such as activities, interests and opinions

influencing how they choose products and services for aging people.

3.4 Target Population

3.4.1 Sample size

Due to time constraints, the non-probability (convenience) samples were

chosen for in-depth interviews in order to obtain information quickly. The data

collection process was be approximately 31 days during 1-31 January 2017 and

conducted in Bangkok metropolitan area as well as several other provinces including

Ayuttaya and Samut Prakan. Research methodologies and sample size in each method

are presented below:

Table 3.1: Research methodologies and sample size

Type of research Method Sample size

Qualitative

In-depth interview

3 respondent (healthcare industry)

3 respondent (real estate business)

3 respondent (financial industry)

3 respondent (government sectors)

8 respondents (aging people)

Observations 2 senior housing projects

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3.4.2 Qualification of respondents

1) For the sample selection of companies, a set for target population

selection criteria as followings.

- Area: Bangkok or province

- Business industry : healthcare, real estate (senior housing),

healthy food and finance

2) For the sample selection of companies, a set for target population

selection criteria as followings.

- Area: Bangkok and metropolitan

- Age : 65 years old and above

- Gender : male and female

3.5 Data Collection Plan

For in-depth interview, the respondents were recruited through personal

connections, and the interviews were conducted under the conditions below.

- In-depth interviews were conducted with 20 respondents (nine people from

business sector, three people from government sectors and eight aging people).

- Each interview took approximately 60 minutes.

- The approach of face-to-face interviews and telephone interviews was

conducted, depending on the convenience of the respondents.

- For face-to-face interviews, the interviews were arranged in a convenient

location proximal to the respondent.

3.6 Data Analysis Plan

Data insights were obtained from exploratory research by 20 in-depth

interviews. Before conducting the interviews, the in-depth interview questionnaire

was screened for errors and edited as necessary to ensure more accurate data. The

insights from the in-depth interviews were analyzed with secondary research to match

the practice that found in secondary research with real needs from in-depth interviews.

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CHAPTER 4

RESULTS AND DISCUSSION

4.1 Key Findings from Secondary Research

According to Economics Online (2017), becoming aging society is one of

the social transformations that everyone in the country has to be concerned with

because the demographic changes will affect everyone as follows:

Table 4.1: Impact of becoming aging society

Increase in

dependency

The problem of dependency is a result from an aging

population projected from dependency ratio, the simplest formula

used to calculate the ratio of number of population who do not

work (are dependent, and inactive) to number of population who

do work (are active).

The standardized dependency ratio of The World Bank is

the ratio of population who are under 15’s and over 64’s to the

working-age population who are in between 15-64.

Dependency ratio can be seen as an approximation of the

ratio of net consumers to net producers in economic terms that

can be a choice for policy makers to put it in consideration

process when they are setting policies both in aspects of the

impact of aging society on public finances and further policies

that may have to be inserted to deal with it.

Furthermore, dependency ratio can illustrate challenges

and opportunities for the private sector in terms of the provision

of goods and services targeted at senior citizen consumers.

Public debt,

taxes and

spending

Aging populations are creating a potential ‘debt-time

bomb’ and an extensive ‘fiscal challenge’ resulting from

continuous increases in healthcare and pension spending.

Undoubtedly, the primary effect on future spending is

increasing numbers of over-85s who cost around three times

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more in terms of the provision of both community and hospital

health services than those aged between 65 to 74.

Given considerable variations and given that so many

unpredictable variables within a geographical region are the

major factors resulted in difficulty in estimation of the effect of

the ageing population on tax yields.

Profitability of that tax yields will at the very minimum

not increase as a result of a large impact on other public services

and welfare spending.

Labor market

effects

In the labor market, the number of baby-boomer

generation ages who are the prime age workers those between 25

and 49 will start to decrease.

The number of male workers is continuously falling

down while the number of female workers is rising. This is the

sign of shortages in male labor market that will affect some of

businesses, for example, building, construction, farm work and

other manual work.

Market

opportunity

It’s not all bad news when hearing the word

“aging society”. In perspective of employment it can shift

attitudes towards senior workers and age-related discrimination

will be permanently decreased.

There are opportunities in age structure change for

business firms to develop new niche products and services

targeting aging people. The industries that will be benefited from

this change are financial services sector who may develop

attractive and new pensions and savings products.

Patterns of investment may also change. People will pay

attention to with age-related investments such as pharmaceutical

companies, doing well into terms of growth and opportunities in

aging society. Firms in the leisure and entertainment industries

may also see the opportunities in these demographic changes.

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4.2 Key Findings from In-depth Interview with Senior Citizens

A total of eight senior citizens were interviewed (See Appendix D:

Respondents’ profile summary) – four of them are male and four of them are female.

All of them are in the age range between 65 and 85 years old. Six of them are living

independently and two of them are being served by assisted living. Summarized

descriptions of findings are shown as follows:

1) Needs of aging people

Figure 4.1: Senior-living-friendly conceptual design

“I do not need a big house or a large room because I cannot

clean or take care of the house due to health limitation and old

age. Senior-living-friendly design is a must.”

Yupa (65), Senior citizen

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Figure 4.2: Senior-living-friendly design

Needs for accommodation: they want simple accommodation

located in the place containing fresh air and close to nature. There

should be garden and trees and far from the place that produce

pollution such as factory. They do not need a big house or a large

room because they cannot clean or take care of the house due to

health limitation and old age. Senior-living-friendly design is

needed (See Appendix C: Senior-living-friendly design).

Furthermore, they want to live where they can travel conveniently

to other places especially hospitals because they have chronic

disease so they have to go to see a doctor so often and in case of

other emergency cases.

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Needs for food: aging people need food which is suitable for their

different chronic diseases. Food should not contain a large amount

of seasoning (sugar, salt or vinegar) and should not be too oily

because they are harmful to old age people’s health. The best taste

is bland, the original taste of ingredients. Food for old people need

to be specially cooked and it is difficult to find in regular

supermarkets. Because the taste of their food is different from

normal people so it is hard to find and they or the one who take

care of them need to cook and it is inconvenient so they prefer to

buy food if there are the supermarkets or restaurants that provide

old age people’s food or can provide made-to-order food for them.

Need for clothes: they do not need fashionable clothes but they

need clothes that can be wear and take off easily and big enough to

cover adult diapers in case some of them are assisted living have to

wear the diapers.

Need for medical treatment: undeniable result of being old is

having disease not only one disease that they have but more than

“I need food which is suitable for my chronic diseases. Because

the taste of my food is different from normal people so it is hard

to find. I have to cook myself and it is inconvenient.”

Saowanee (67), Senior citizen

“I do not need fashionable clothes but I need clothes that can be

wear and take off easily big enough to cover adult diapers

because I am assisted living.”

Somsri (80), Senior citizen

“I could not live without caretakers because I cannot take care of

myself but it is very hard to find the right one who can take care

of me properly and be able to get along with me well.”

Duangjan (82), Senior citizen

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one, therefore, they need to go to see a doctor very often. Some of

them have to travel to different hospitals to be cured for different

diseases in each specialized hospital that is a waste of time and

paying for high travel cost. They prefer one-stop-service hospital

where they can be cured for every diseases they have with reliable

standard of treatment. For assisted living, they could not live

without caretakers because they cannot take care of themselves but

it is very hard to find the right one who can take care of them

properly and be able to get along with old age people well so

turnover rate of caretaker is so high and it is boring to train new

person in order to match with old age people’s wish and needs.

2) Lifestyle of senior citizens

Although they have old age, they still love to socialize. Going out,

chitchat and doing activities with friends or their family members

are the most preferable for them because living alone makes them

stuck with their pain and illness that might cause them to have

mental illness or major depression disorder.

They love to make merit and go to temple. Praying and meditation

are the best activities that help them to have peace of mind, forget

the pain of illness and encourage them to live a longer life.

“Although I am old, I still love to socialize, go out, chitchat and

do activities with friends.”

Boonsong (76), Senior citizen

“Praying and meditation help me to have peace of mind, forget

the pain of illness and encourage them to live a longer life.

Planting is my favorite activity. I feel happy when they see the

flowers blooming.”

Theera (75), Senior citizen

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Planting and watering trees are one of their favorite activities. They

feel like they are close to nature when they are taking care of their

trees and they feel happy when they see the flowers or fruit trees

that they plant are blooming.

Light exercise is a must thing they have to do in order to help them

stay healthy. Their favorite light exercise activities are walking,

hand swinging, swimming and they also love to play card and play

games because they believe that it helps exercise their brains and

result in still having good memory.

4.3 Key Findings from In-depth Interview with Business Sectors

A total of nine respondents from business sectors (See Appendix D:

Respondents’ profile summary) – three of them come from the healthcare industry,

three of them come from the real estate business and three of them come from the

financial industry. Summarized descriptions of findings are shown as follows:

1) Findings from healthcare industry

“Walking and hand swinging help me stay healthy but playing

card helps me exercise my brain.”

Suchart (66), Senior citizen

“To prepare for aging society, there are three parts that should be

developed which are hospital design/equipment, staff and

marketing.”

Suraphol (57), Healthcare industry

Suchart (66), Senior citizen “When we are taking about aging society, there are some

concerns that we are thinking of which are purchasing power of

senior citizen, overabundant supply and lack of nursing staffs.”

Chairat (47), Healthcare industry


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They have been considering opportunities in this industry and they are

planning to support old people because of their increase in numbers in the

future.

There are three parts that hospitals are planning to improve.

The first part is hospital design and equipment. For the existing

hospitals, they are planning to have a new ward that specially built for

old people. They will install the senior-friendly design equipment in

the ward and provide intensive care. For a new hospitals that they are

constructing and will be launched, serving aging people is already one

of the requirement for architecture before they start to design the

hospital building; so every part of new hospitals should be suitable and

supportive for old people.

The second part is people. Staff should have competency to specialize

in taking care of aging people which is not only doctors and nurses but

also every staff level including male nurses who propel nursing beds

and wheelchairs, medical laboratory technicians and physical

therapists.

The third part is marketing. Apart from treatment quality of doctors,

branding is one of the major factors for success in hospital industry.

The hospitals that aim to be a leader in the market should build a strong

brand and create consumer perception in terms of high quality

treatment and reliability of the treatment. Moreover, the hospitals

should communicate more about specialty in treatment for four major

aging people’s diseases which are cancer, kidney disease, heart disease

and brain disease.

There are some obstacles in every opportunity so there are some

concerns about doing the business.

The first concern is purchasing power. The treatment cost of private

hospital is higher than public hospital; therefore, only few aging people

can afford the cost.

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Another concern is that there are 30 new hospitals that will open within

the next three years so the demand will be less than supply and some of

them will be closed resulted from loss.

Lack of nursing staffs due to limited number of nursing students

graduated each year so the cost of hiring nurses might go up and nurses

have to work harder because of increase in number of patients

compared with constant number of nurses. Moreover, there are less

number of specialists for the aged because of few aged care specialist

nursing schools in Thailand so we need help from the government and

private sectors to set up aged care specialist nursing schools in

Thailand in order to produce sufficient number of aged care specialists

in labor market.

2) Findings from real estate business

They are noticing about aging society and planning to launch senior

homes or condominiums. There are four key factors that they have to consider

before developing the project.

The first factor is location. As you may know, building houses and

condominiums, location is the most important thing. If you choose the

right location, product can be sold easily at the best price with higher

profit. The best location for developing a senior housing is the

location that close to hospitals, so it is more convenient for aging

“Because of senior citizens’ health restriction, we should joint

venture with hospital and open a special cafeteria which suits

their needs of foods.”

Boonchai (53), Real estate business


“Location is the most important. It should be convenient for

aging people to go see a doctor. The location need to locate on

the main road owing to easy travelling, furthermore, it should

not be located in polluted area”

Nart (39), Real estate business


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people to go see a doctor. The location need to locate on the main road

owing to easy travelling, furthermore, it should not be located in

polluted area.

The second factor is product design. Senior-living-friendly design

should be applied to the accommodation in order to facilitate them to

live conveniently. They should apply Senior-living-friendly design not

only to the house and room but also of all things in the project

including facilities and the common area.

The third factor is healthcare station. To make sure that aging people

live in the accommodation safely and be able to reach treatment

quickly, this facility should be provided. If the land area is large and

they can enter a joint venture with hospital, they will set up the

hospital at the site but if the land area is small, they will set up a clinic

to provide basic medical treatment.

The fourth factor is a special cafeteria. Because aging people have

food restriction, therefore self-cooking and self-grocery shopping

might be difficult for them. Providing healthy food at the cafeteria

proving tailor-made dish should be included in the project.

3) Findings from finance industry

According to the trend that people are living longer, they have

launched new products focusing especially on the retirement segment: life

insurance, health insurance for specific disease such as cancer/ brain disease,

and saving deposits.

“It is quite too late to buy these financial products for retirement

plan at the date that they are already old is not effective,

therefore they are trying to advertise these products with

message that push people to buy these products at a younger

age.”

Adisa (40), finance industry


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All of the financial products offer aging people a higher interest rate in

return of investment in order to persuade aging people to buy their products.

In their opinion, it is quite too late to buy these financial products for

retirement plan at the date that they are already old is not effective, therefore

they are trying to advertise these products with message that push people to

buy these products at a younger age in order to serve them into retirement.

4.4 Key Findings from In-depth Interview with Government Sector

A total of three respondents from the government sector (See Appendix D:

Respondents’ profile summary). Summarized descriptions of findings are shown as

follows:

Table 4.2: Key findings from in-depth interview with government sector

Accommodation They are building a senior home name “Senior Complex”

containing 1,000 units located in Bangplee, Samutrprakarn

province with 14 residential buildings, five nursing home

buildings and a hospital area in cooperation with Ramathibodi

hospital. They plan to sell rooms to aging people at low prices of

around one to two million Baht for rooms sized between 30 and

55 square meters. The rooms will be sold as leasehold units for

30 years. Aging people who have the right to purchase must be

55 years old and older.

“We are building a senior home name “Senior Complex”

containing 1,000 units and plan to sell rooms to aging people at

low prices.”

Surachai (55), Government sector


“We already know that Thailand is becoming an aging society

quickly but we are focusing on current political issues that they

are immediately pressing and already difficult to solve.”

Wannaporn (58), Government sector


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Compensation The government adjusted monthly compensation rate for

aging people to increase 100 more for each tier as followings:

60 - 69 years old : compensation rate is 600 Baht



90 years old and above : compensation rate is 1,000 Baht

Medical

treatment

There is medical state welfare called “The 30 Baht

Universal Healthcare Scheme” but not include some special

medical treatments and medical supplies.

Unfortunately, the government sector does not pay enough attention to the

aging society even though they already know that Thailand is becoming an aging

society quickly, they seem to have an unclear plan or strong policy remedies to handle

this situation because they are focusing on current political issues that they are

immediately pressing and already difficult to solve. The government’s ignorance of

upcoming aging society might cause big problems in Thailand in the near future.

4.5 Key Findings from Senior Housing Observation

The observation has been done at two senior housing projects which are

Sawangkanives in Samutprakarn province operated by The Thai Red Cross Society

and Wellness City in Ayutthaya province operated by the private sector. They are

providing different types of accommodation. Sawangkanives is a condominium

project and Wellness City is single detached housing project. There are some similar

findings from both projects as follows:

Table 4.3: Key findings from senior housing observation

Location Both projects are located in provinces having fresh air

and serenity which is good for aging people’s health. They are

adjacent to main road that is convenient to travel in case seniors

want to go to hospital or their children want to come to visit

them.

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Design Senior-living-friendly design is a must for exterior,

interior and facilities

Facility They do not need lots of facilities but facilities that suite

their passive activities, for example, a swimming pool which is

not for swimming but soaking, reading room, large green area for

walking and taking fresh air and activity area.

Service They do not want only on call healthcare service but they

also want laundry service and food delivery service because the

location of accommodation is far from wet markets,

supermarkets, restaurants and convenience stores so it is hard to

find food and provided food must be suitable for the chronic

health conditions that they have. Furthermore, a nursing service

is imperative for assisted living.

4.6 Remedy for an Aging Society

According to The Globe and Mail (2017) and Economishelp (2014),

many countries from all over the world are in the process of become aging societies

and there are some smart tactics to deal with aging people as follows:

Table 4.4: Remedy for an aging society

Government

policy

Make people work longer: increase the retirement age

from 65 to 70 in order to gain more tax revenue from

income tax payment and revenue from others

consumptions, moreover, this policy will benefits the

labor market to avoid shortages of labor in the early stage

of aging society.

Increase income tax: government can gain more revenue

from increasing income tax rate and they can use this

money to pay for aging people as pensions.

Means-tested pensions: the target group of this policy is

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lower segment who do not have private pension. This

help will reduce the total pension cost and inequality.

Encourage private pensions: more tax breaks will be

given to firms providing private pensions. This policy

helps government reduce pension burden.

Encourage immigration: to help maintain an efficient

dependency ratio, immigration of young workers is an

effective solution.

National pension plans with long-term-care insurance:

encourage people to pay money into the system starting

from age 40 and are eligible to get the benefit starting at

age 65. This policy helps the government not to bear the

burden alone but citizen is the one who have to bear this

burden as well.

Business

adaptation

Demand for robot: according to shortages of labor and

caretakers, advanced technology is beginning to be able

to help us solve this problem. Producing robots to

substitute for workers is a good implementation that

many companies are integrating into business operations.

Demand for diapers and medical supplies: Assisted living

needs diapers because they cannot move their body.

Illness is a true friend of old aged people, therefore,

medicines and medical supply are the things that they

cannot avoid to consume and sometimes they have to

consume heavily depending on their health at that time.

Demand for anti-aging products: The grey waves in aging

people countries are the big market. They are willing to

pay money for anti-aging products not only to look good

but also to be at a higher level than geriatric people in the

past.

The opportunity for collaboration, hybrid stores and joint

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venture: For example, in Japan, Lawson store in Saitama

city, the company launched a hybrid store featuring with

senior salon providing pamphlets on municipal health

care and nursing home service and blood pressure

monitor, moreover the store also provides special section

featuring with special wipes for bathing the elderly, a

gargling basin adult diapers, detergent that is tough on

urine and perfect for bed mats, wheelchair coverings and

straw cups. Last but not least, the store provides delivery

service for heavy products to senior’s home.

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CHAPTER 5

CONCLUSIONS AND RECOMMENDATIONS

5.1 Conclusions

In conclusion, the study of “The future impact of aging society in Thailand”

represents a contemporary topic in applied marketing focusing on an area of societal

opportunities in Thailand. The main purpose of determining the aforementioned key

success factors is to recommend the most beneficial business opportunities and

practices for operating in a market dominated by an aging population.

As the fertility rate continues to decline and life expectancies rise, Thailand is

becoming aging society which is a big social change. As the elderly population

increases and the young and working age populations decrease, we will see an

increasing struggle to take care of seniors effectively. Both the private sector and the

public/ government sectors have to concern themselves with the problems that will

follow this change in order to find solutions.

For a better understanding of the aging society and aging people industry,

marketing research will be conducted with qualitative research. Exploratory research

will be conducted by secondary research from various credible sources such as, in-

depth interviews and observations. By analyzing data from in-depth interviews and

observations along with secondary research from vast reliable sources, more insightful

information can be collected. In this case, more appropriate opportunities and

practices that suit the aging people industry in Thailand will be found.

The purpose of this study is to study the aging people industry in order to

determine suitable and useful opportunities and practices for both private sectors and

government sectors. The findings in this report will not only benefits companies and

government in terms of business opportunities and practices, but also provide the deep

understanding in aging society for further developments leading to customer

satisfaction and well preparation for aging society eventually.

The findings from secondary research indicate that an aging society is the

cause of an increase in dependency, public debt, increased taxes and spending along

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with a shortage in the labor market. Transitioning into an aging society does not only

offer disadvantageous effects but also advantageous effects which are market

opportunities to do business because there is demand for robots, diapers, medical

supplies, anti-aging products and the opportunity for collaboration, hybrid stores and

joint venture to serve the right product or service to senior-aged people. Furthermore,

there are some successful practices that can be implemented in order to deal with an

aging society including making people work longer, income tax increase, means-

tested pension, encouragement of a private pension system, immigration policies and

national pension plans with long-term-care insurance.

The findings from the elderly are that aging people needs are quite basic. They

need a house that is designed to suit their limitations of health and lifestyle. They need

food that is good for their health and suitable for their chronic diseases. They need

clothes that can be taken of easily and they need medical treatment to cure their

illnesses. When they become reliant on assisted living, they want the right caretaker to

take care of them. Even though they are old, they still love to travel and partake in

activities with friends. Gardening and exercise are activities that help them stay away

from loneliness and remain healthy.

The findings from the business sector indicate that the healthcare industry is

going to face a shortage of nursing labor owing to limitations in the number of

graduated nurses each year. For the real estate business, there are four factors that

need to be considered including location, product design, food service and healthcare

centers. Finally, the financial industry is launching new products targeting the aged

and the people who will most need financial services in old age.

The findings from the government sector are that the Thai government does

not pay sufficient attention to the aging Thai society. They lack the vision necessary to

effectively deal with this social transformation which means that Thailand is going to

face this demographic shift without being sufficiently prepared.

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5.2 Recommendations

5.2.1 Recommendations for business sectors

The successful business cannot survive in the market without adaptation to

market change. An aging society does not only affect the businesses that are involved

with them directly, diapers, medical supplies, medical machines, nursing homes and

healthcare services - but also affect other kinds of businesses which are not directly

involved with them as well. Every industry must prepare themselves for an aging

society and plan to develop their products or services to fit with the needs and wants

of an aging population. The recommendations for business sectors are as follows:

- Know the customers: the first step to adapt to an aging society is to know the

customers. Aging people are unlike youthful people because they have many

restrictions in terms of health, and physical and mental well being. This will

force companies to uncover their real needs in order to satisfy their needs

adequately.

- Know the competitors: to find what other players in the market are doing or

plan to do order to serve the market effectively.

- Know the companies: to understand what the core strengths of the company’s

products and try to match the products with aging people’s needs.

- Find opportunity in the market: there will always be a gap in the market. If

companies look into the market deeply, they will find great opportunities.

Even businesses that are not directly involved with aging people, can find

opportunities in aging market. For example, travel agency businesses or beauty

product manufacturers. Although aging people are old they are still often

young at heart. They frequently still love to travel and their favorite places to

go are temples and floating markets. Most of them prefer short trips or one-day

trips. Finally, they love to look good so anti-aging products are preferable for

them.

- If companies cannot run businesses alone to fit in an aging people market, they

must collaborate by opening hybrid stores or engaging in joint ventures

experts. For example, a real estate company may form a joint venture with a

hospital to build nursing home.

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5.2.2 Recommendations for government sector

As a leader of the country who has to manage things in order to move the

country forward, ignoring the coming social transformation of an, aging society, is not

a good idea. The government cannot solve this problem effectively without advance

preparation. The Royal Thai government still has no idea how to deal with an aging

society effectively so they can adapt successful practices of other countries which

have already transformed into aging societies as follows:

- Money preparation: Thai government has tremendous issues that they have to

spend money for, for example; poverty issues, building public infrastructure

and others urgent problems that they have to solve currently resulting in a

shortfall of funds so the government should initiate policies that encourage

people to save money in advance for their own retirement needs or increase

income taxes to increase tax revenue in order to have sufficient money to pay

for pension obligations and other related expenses of taking care of an aging

population.

- Infrastructure preparation: current infrastructure in Thailand does not support

senior citizens, therefore, the government should renovate the infrastructure to

support senior living such as wheelchair paths and lift access to public transit.

- Labor preparation: a shortage of labor is the biggest problem that the

government cannot avoid after a transformation into an aging society.

Encourage people to work longer or promoting immigration are the best

options to be applied. Furthermore, the government can use technology to

substitute labor in the workforce such as robots and machines.

5.3 Limitations

Due to time constraints, researcher had a total time of five months for

designing the research methodology, gathering data from both primary and secondary

sources, analyzing the data and summarizing data in an appropriate format. Thus, this

research may represent only an overview of the aging people industry.

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In addition, the research cannot represent the entire population because the

study uses a non-probability sampling method or convenience sampling due to time

and budget constraints.

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REFERENCES

Articles

Brookings Papers on Economic Activity. (1990). David M. Cutler, James M. Poterba,

Louise M. Sheiner, Lawrence H. Summers and George A. Akerlof, “An Aging

Society: Opportunity or Challenge?,”. Brookings Papers on Economic

Activity.

Thai National Statistical Office. (1994). “Socio-economic profile of older persons and

its implications”. National Statistical Office.

United Nations. (1999). “Life expectancy at birth and total fertility rate 1960-2025”.

United Nations.

Electronic Media

Economicshelp (2014). “The impact of aging population on the economy”, accessed

Nov. 25, 2017 at: https://www.economicshelp.org/blog/8950/society/impact-

ageing-population-economy/

Economicsonline (2017). “The Aging Population”, accessed Feb. 23, 2017 at:

http://www.economicsonline.co.uk/Global_economics/The_ageing_population

.html

Forbes (2014). “Older And Wiser? How An Aging Population May Impact The

Economy”, accessed Nov. 27, 2017 at: https://www.forbes.com/sites/

northwesternmutual/2014/12/29/older-and-wiser-how-an-aging-population-

may-impact-the-economy/#5d727ea031e4

Foundation for older persons’ development (2015). “สถานการณ์ผูสู้งอายใุนประเทศไทย (ด้าน

ประชากร)” , accessed Oct. 5, 2017 at: http://fopdev.or.th

National Economic and Social Development Board (2016). “Population projections and

other rate for Thailand: 1990-2020”, accessed Oct. 5, 2017 at:

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http://service.nso.go.th/nso/nso_center/project/search/result_by_department-

th.jsp

Population Division, DESA, United Nations (2017). “World Population Ageing 1950-

2050”, accessed Nov. 25, 2017 at:

http://www.un.org/esa/population/publications/worldageing19502050/pdf/8chap

teri.pdf

Portland Community College, Institute for Health Professionals (2017). “How to

Prepare Yourself for the Increasingly Aging Population”, accessed Nov. 26,

2017 at: http://climb.pcc.edu/blog/how-to-prepare-yourself-for-the-

increasingly-aging-population

Thansettakij (2017). “บตัรคนจนท าคลงัเงินหมดขอรับบริจาคลุยเฟส2” , accessed Dec. 5, 2017 at:

http://www.thansettakij.com/content/202234

The Globe and Mail (2017). “ Bold steps: Japan’s remedy for a rapidly aging society”,

accessed Feb. 22, 2017 at: https://www.theglobeandmail.com/globe-

investor/retirement/retire-planning/how-japan-is-coping-with-a-rapidly-aging-

population/article27259703/

WHO (2017). “Older population and Health system : A profile of Thailand” , accessed

Dec. 5, 2017 at:

http://www.who.int/ageing/projects/intra/phase_one/alc_intra1_cp_thailand.pdf

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APPENDICES

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APPENDIX A

GUIDELINE QUESTIONNAIRE FOR BUSINESS AND

GOVERNMENT SECTORS INTERVIEW

- What do you think of aging society?

- What are your major concerns about aging society?

- Why do you have to concern about aging society?

- What are the effects of aging society to your business/organization?

- How do you prepare for or adapt your business/organization to aging society?

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APPENDIX B

GUIDELINE QUESTIONNAIRE FOR AGING PEOPLE INTERVIEW

1. Customers profile

- Gender

- Marriage status

- Occupation

- Monthly income

- Age

- Type of living: independent living or assisted living

2. Lifestyle and Psychographic

- What do you do in your free time?

- What is your favorite hobby?

3. Preparation for becoming aging people in terms of

- Finance

- Accommodation/ living

- Health

- Any other things?

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APPENDIX C

RESPONDANTS’ PROFILE SUMMARY

No Name Age Types

1. Yupa 65 Senior person

2. Saowanee 67 Senior person

3. Somsri 80 Senior person

4. Duangjan 82 Senior person

5. Suchart 66 Senior person

6. Yongyuth 69 Senior person

7. Theera 75 Senior person

8. Boonsong 76 Senior person

9. Adisa 40 Finance industry

10. Nalataporn 42 Finance industry

11. Laiwan 52 Finance industry

12. Boonchai 53 Real estate business

13. Nart 39 Real estate business

14. Siwaporn 65 Real estate business

15. Suraphol 57 Healthcare industry

16. Chairat 47 Healthcare industry

17. Chokchai 59 Healthcare industry

18. Wannaporn 58 Government sector

19. Nidaporn 53 Government sector

20. Surachai 55 Government sector

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BIOGRAPHY

Name Miss Thepsothon Asswateerakiat

Date of Birth September22, 1990

Educational Attainment

2009 – 2013: Bachelor’s degree in Business

Administration, Chulalongkorn University, Major

in Marketing.

Work Position Marketing Executive

Land & Housed Public Company Limited

Work Experiences 2013 - 2018:

Marketing Executive

Land & Houses Public Company Limited

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