The Marketing Association of Thailand (MAT) forecasts marketing spending to decrease by 0.41% this year due to gloomy economic prospects.
The association, in collaboration with the Chief Marketing Officers Council, conducted a survey that included 111 respondents, each with an annual revenue of more than US$100,000.
Concerns regarding the global economy have led to a dip in confidence among marketing executives. The results of the survey suggest the country's economic growth rate this year will be 1.65%.
The survey showed that 55% of respondents perceived the Thai economy as being "stagnant" this year, up from around 50% in the previous year.
"Three major factors identified are the global economy, digital transformation and changing customer behaviour, all of which are expected to significantly impact the [Thai] marketing industry," said Somchat Visitchaichan, vice-president and chief of learning architect & marketing innovation at the MAT.
As the global economy is the biggest concern, this could imply that marketers may face a greater number of uncontrollable circumstances this year, he noted.
Mr Somchat said the marketers expect consumers to increasingly prioritise health-related issues, with health and mental well-being being the top priority, followed by digital technology and quality of goods and services.
Ake Pattaratanakun, vice-president of sustainable communication and marketing activities at the MAT, said over 77% of respondents indicated that they would not increase their marketing budget this year, compared to only 50% in last year's survey.
The anticipated reduction in marketing budgets would pose challenges for advertising agencies this year, he added.
This year, marketers are expected to focus on not only developing engaging content to enhance brand image and boost awareness, but they must ensure that such content ultimately drives transactions and commerce for the brand, according to the survey.
"I would advise them to also invest in governance-related issues such as cybersecurity and data protection, as these pose high risks to the business," said Mr Ake.
Nearly 90% of respondents expected that health and wellness will be the country's new S-curve industry, followed by quality tourism (74%), said Mr Somchat.
Mr Somchat suggested marketers use artificial intelligence with personalised marketing to create meaningful experiences that resonate emotionally with consumers.