Lion Corporation Thailand, a joint venture between Saha Group, the country's largest consumer product conglomerate, and Lion Corporation in Japan, expects its sales to grow by 5% to 18.9 billion baht this year.
President Boonyarit Mahamontri said consumer spending fared better in the first half of this year than in 2017, based on higher sales of Lion's products.
"Sales have been difficult over the past few years because of the unfavourable market environment and consumers shifting online," said Mr Boonyarit.
More international and local consumer goods brands have made inroads in the domestic market recently, giving consumers more options. The proliferation of online shopping also increases consumer offerings. These factors have intensified competition in Thailand's consumer goods market, he said.
"With the market environment changing very rapidly, we have to adjust our business plans to a monthly basis from a yearly basis," said Mr Boonyarit.
He said the company will emphasise developing innovative products to meet the demands of each age group, while also selling more products via the e-commerce platform.
The company plans to allocate 500 million baht this year to promote its products, particularly via social media, to reach young consumers.
"Overall sales of consumer products in 2018 are expected to outperform 2017, if there are no serious economic problems," said Mr Boonyarit. "What we are concerned the most with is the escalating [Sino-US] trade row, which may have a knock-on impact on the Stock Exchange of Thailand. And if the trade war continues, it will affect the global economy."
Meanwhile, Kantachit Saranbandit, department manager for longevity care, said the firm launched the GoodAge brand for the elderly last year.
There are only a few product lines available so far, including toothpaste, toothbrushes and lotion. More products such as shampoo are planned to be introduced by year-end. GoodAge products are sold at MaxValu, The Mall Department Store and some branches of Tops Supermarket and drugstore chain.
"The elderly have high spending power and [our products] will get a better response if we communicate with them," Mr Kantachit said, adding that though the annual sales of GoodAge products, at 15 million baht, have huge potential to grow.
Mr Boonyarit said Lion has allocated 4-5 billion baht to expand its business in Thailand over the past five years.