Thai Beverage - Phillip Securities Research 2026-06-29: Coping With A Fragile Consumer

• The consumer is enduring a stagflationary environment of rising prices and diminishing spending capacity as incomes remain generally flat. Key strategies to engage consumers in such an environment include smaller, affordable packs, convenience through ready-to-drink spirits, new products such as protein beverages, and brand extensions into soda and mineral water.

• - Read this at SGinvestors.io -

Key Highlights

Premiumisation strategy.

• Difficult period to premiumise when consumers are searching for value. The key for new products is originality and authenticity that can appeal to younger consumers.

Five broad strategies.

• - Read this at SGinvestors.io -

• health-and-wellness protein non-alcoholic products;

• providing convenience with ready-to-drink (RTD) spirits;

• increasing distribution coverage and penetration; and

• building brand extensions such as Chang Soda and Chang mineral water.

RTD spirits.

• Read more at SGinvestors.io.

Paul Chew Phillip Securities Research | https://www.poems.com.sg/ 2026-06-29

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