Everyone assumes that with a weak economy, Thai people would cut back on spending. But that’s not the case—especially in exercise, beauty, and wellness categories, which have continued to grow steadily, not only in 2026 but for the past 3-4 years. How are Thai consumer behaviors evolving?
Sirirat Khonwich, Chief Marketing Officer of Krungthai Card Public Company Limited (KTC), said that spending in three main categories—hospitals, health and beauty, and fitness—has shown impressive growth, with combined spending reaching 27 billion baht, ranking fifth among the highest spending categories (first is insurance, second is fuel).
Fitness card spending grew strongly by 20% in 2025. This is not a new trend; such high growth has continued for 3-4 years. Meanwhile, beauty services (such as onsen and cosmetic clinics) and hospital spending grew 6% compared to the previous year, despite ongoing wars and increasing economic risks.
In Q1 2026, fitness card spending still rose 20%, and health and beauty grew 6%. The First Jobber group (aged 20-30) has increased health-related spending by 38%, despite representing a smaller portfolio share than other groups. Working-age consumers remain the main health spending base, accounting for 40% of the health portfolio.
Sirirat believes that Thai people are placing greater importance on health, especially after the Covid-19 pandemic. Exercise, rest, and self-care have become daily essentials to maintain good health. This has helped health-related card spending continue growing in Q1 2026, with debtor status and repayments stable compared to before.
At the same time, close monitoring of risk factors is necessary. In Q1 2026, hospital category spending—which makes up the bulk of the health portfolio—slowed to about 1% growth. Specific factors require careful observation, such as new regulations allowing hospitals to issue prescriptions for patients to buy medicine externally, and the introduction of a copayment system.
Looking ahead to Q2 2026, the economy shows no clear signs of slowing, but uncertainties and news may cause hesitation in decision-making (for example, in planning travel). Therefore, KTC plans to analyze consumer behavior by region and province to tailor promotions effectively, especially targeting health and senior segments. Currently, debt repayment remains stable, but the company continues to closely monitor potential future impacts. KTC aims for 10% growth in the health category year-over-year.
Latest financial data from KTC in Q1 2026 shows card spending totaling 76.8 billion baht, growing 3.7% year-over-year. The company maintains a 5% year-over-year growth target for 2026.
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