Professional Documents
Culture Documents
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From the economist's perspective, Dr. Yanyong sees that every crisis has a chance.
But not every business has a chance. Must look at what businesses can grow and
are less affected by COVID. The research found that there are 3 groups which are 1.
Communication Business Group 2. Retail groups and 3. Food and beverage groups
must be done both online and offline concurrently because people are getting used
to fast and easy online ordering. While businesses that need to be cautious and
shouldn't be rashly affected, which are directly affected, such as hotels, restaurants,
airline Construction, and real estate business, oil business, and automotive business.
These are risk groups that should be cautious. But not able to do business, must
wait for the right moment After the 3rd - 4th quarter of 2020 it will begin to see a
gradual but gradual recovery.
Dr. Yanyong said that should try to learn from different countries. In a crisis, you
can see that there are some similar patterns. Like Asia, the survey found that
consumers have a higher demand for certain types of FMCG products for daily use.
Resulting in stockpiling of goods due to concerns about shortages. If the business
sector must stop production the additional products purchased include personal
hygiene products 48%, health products, and supplements 45% and household
cleaning products 40%, including the behavior of people from the COVID situation.
Causing 32% of online shopping, 42% using video streaming services, and 30% of
ordering food.
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While the products that buy less are alcohol drinks 30%, luxury goods 27%, meat,
and seafood 21%, including fewer behaviors, such as going out 52%, going out to
eat 52%. Or in the United States, there is also a Trigger Point that allows consumers
to change their thinking and spending behavior. By focusing on more necessary
things such as food and medicine with a proportion of purchases increasing by more
than 50% and online shopping habits. While the cost reduction would be 56% in
tourism, including entertainment and clothing purchases that dropped by 30%
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watching video streaming, playing online games, spending via e-payment, ordering
food delivery, cooking food at home Including spending to repair the house such as
furniture, Renovate the house into a home office. These new behaviors reflect
people in society.
Dr. Yanyong also said that When there is a crisis, there is usually New Normal. For
example, after the end of World War 2, men were drafted into many soldiers.
Causing normally women only stay at home, must go out to work to support the
family, cause New Normal. Or, for example, the 911 incident with terrorism, which
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leads to more stringent flight standards for terrorism and security. Or the SARS
crisis, causing e-commerce in China, Hong Kong, and Singapore to grow Because
people must shop online. As for Thailand, Dr. Yanyong views that New Normal will
be a matter of increasing online use or technology in various matters.
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Manage accrued accounts to be more efficient, reduce employment costs as
necessary and reduce inventory. Although it seems that the hotel business takes
time to recover, Dr. Yanyong suggests that business people should not be stagnant
and should adapt in 2 dimensions, namely
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be the first group to come after COVID. It is therefore an opportunity for the Thai
tourism industry to use this crisis to create added value and income for local people.
Survival of salaryman
Before the birth of COVID, there was a disruption in various businesses. Causing the
business model to be adjusted. And with COVID, it was the catalyst for faster
disruptions. Regarding the salaryman, Dr. Yanyong said that the first thing that
should be done is Risk management. Which must have liquidity so that you can
support yourself for at least 6 months if sudden unemployment occurs. Should
reduce expenditures without incurring additional debt, find extra income. And during
confinement at home, should invest in yourself, enhance knowledge, add new skills
that the labor market needs. Giving you more chances to find a new job or maybe
an initiative to build your own business from new skills learned.
Thai entrepreneurs that have been affected will probably see the New Normal that is
about to occur in Thailand after the COVID end. Who can adjust quickly?
Responding to new consumer needs including using technology to create business
opportunities Will be able to stand and survive. While the salaryman has an
opportunity to accumulate knowledge costs, add new skills to make stronger, better,
and is needed by the labor market in the future.