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The philosophy of sufficiency economy affecting the purchase of goods and services by the elderly in Nakhon Ratchasima, Thailand

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  • Kwunkamol Donkwa

Abstract

In The 12th National Economic and Social Development Plan (2017-2021) of Thailand, the philosophy of sufficiency economy were applied for the public benefits and can be adapted for sustainable development. The sample group consisted of 228 elderly people aged between 61 and 80. The research was set and conducted in Nakhon Ratchasima because it is the centre of economic prosperity in the lower northeastern part of Thailand. The study indicated that the influence of the variables in the philosophy of sufficiency economy, the decision to purchase goods and services was 0.789. The elderly group had a high level of importance in making decision to buy or use food and beverage, travel and recreation, fashion, information technology and communications services, respectively. There should be relevant government agencies as a mechanism for creating knowledge and understanding of the application of the philosophy of sufficiency economy among the people to apply the philosophy effectively.

Suggested Citation

  • Kwunkamol Donkwa, 2022. "The philosophy of sufficiency economy affecting the purchase of goods and services by the elderly in Nakhon Ratchasima, Thailand," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 30(3/4), pages 366-381.
    • Handle: RePEc:ids:ijbglo:v:30:y:2022:i:3/4:p:366-381
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