I am in Thailand visiting family at the moment. There is a common trend here in the news and social media that the Thai economy is going downward. Some people complain it’s hard to make money and the economy in general is very bad. Is it true?
I cannot say I know the answer of this economic question. Instead of answering it, I ask myself another question. Is the economy bad or does consumer behavior change? I have one silly example. I like to read Japanese cartoon books. I had to go to the cartoon book shops every time I came back to Bangkok. What different this year is I don’t. I now buy cartoon books from a book shop app. It is convenient and I don’t have to carry 10+ cartoon books. I just carry an iPad (with 10+ books in it). I was told later that those book shops were closed.
I still buy those cartoon books i.e. I still spend money. I just don’t buy them in a printed format anymore. Does it mean the economy is bad? Not necessarily. But, one thing for sure is my consuming behavior has changed. If you cannot adapt to the new wave of the changes, you will struggle to earn revenue in the same way.
You cannot blame anyone else but yourself. We are in a different world now.