Thailand’s TPSO outlines business strategies for the experience economy

Key summary

The Trade Policy and Strategy Office (TPSO) of the Ministry of Commerce reports that the global trend is shifting towards a "New-Age Experience Economy," where consumers prioritize value, feelings, and unique experiences over practical benefits. According to data from McKinsey & Company, experiential consumption is one of the four main megatrends. Mastercard's survey found that approximately 50% of consumers plan to increase spending on experiential activities, and 80% believe that acquiring experiences is worthwhile. The global market for experiential activities is valued at trillions of US dollars and is expected to grow by an average of 4.0% per year between 2026 and 2035. This growth is driven by the behavior of Millennials and Gen Z, who prioritize memories over material possessions. AI technology helps design personalized experiences, and social media helps spread the trend. TPSO proposes five guidelines for Thai entrepreneurs to adapt: 1) Build on identity and Geographical Indications (GI). 2) Elevate SMEs to become experience designers, using digital tools to tell brand stories. 3) Open up global markets with Thai experiences through trade shows and the Thai SELECT network. 4) Connect trade, tourism, and communities. 5) Use in-depth data and Free Trade Agreements (FTAs) as competitive advantages. TPSO emphasizes that Thailand's strengths lie in its food, culture, local wisdom, and heartfelt service, and encourages entrepreneurs to transform from product sellers to experience creators for sustainability.