Thai Consumer Sector: UBS Evidence Lab inside: Pricing discipline improving, demand recovery still uncertain

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Thai Consumer Sector: UBS Evidence Lab inside: Pricing discipline improving, demand recovery still uncertain

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Thai Consumer Sector Equities

ThailandUBS Evidence Lab inside: Pricing discipline

improving, demand recovery still uncertain Retail

Alex Manoonpol

Analyst

alex.manoonpol@ubs.com

Pricing improving as promotional intensity eases +662-613 5770

Our 10th UBS Evidence Lab Grocery Price Monitor in Q226 suggests pricing conditions Permada Darmono

improved across all major categories, while promotional activity moderated further. The Analyst

improvement in pricing may partly reflect inventory cost-push inflation linked to permada.darmono@ubs.com

lingering Middle East tensions and higher oil prices, rather than a broad-based recovery +65-6495 3137

in consumer demand. In addition, the introduction of the government’s “Thais Help Mark Sriskulpinyo

Thais Plus” scheme in June may have created some short-term channel shift towards the Associate Analyst

traditional trade, although staples pricing remained relatively resilient. At the operator mark.sriskulpinyo@ubs.com

level, Big C and Lotus's continue to pursue distinct category-management strategies. Big +662-613 5742

C appears more active in SKU rationalisation and assortment refresh, emphasizing value-

oriented offerings in food categories while selectively premiumising non-food. In

contrast, Lotus's has adopted a more selective approach, relying more on SKU additions

than removals, focusing on lower-priced non-food products while skewing dried and

fresh food assortments towards higher price points.

Staples remain resilient while discretionary demand lags

Across dried food, fresh food and non-food categories, YoY like-for-like pricing trends