Thai family businesses taking a cautious approach to market disruptions
Family businesses in Thailand are facing growing pressures and declining sales according to a new global survey from professional services firm PwC, with a lack of digital urgency one major factor.
The snapshot of Thailand is part of PwC’s 2025 Global Family Business Survey, now into its 12th edition, which canvassed over 1,300 family business executives across 62 countries, including 36 participants from Thailand.
Fewer than half of those local executives (44 percent) reported sales growth over the previous year, down from 59 percent two years prior, while the number reporting a drop in sales over that period doubled from 2023, from 14 percent to 28 percent.
One major factor in the widespread downturn, PwC says, is a commonly conservative mindset among Thai family businesses towards growth, opting for a steady, gradual approach with minimal urgency to transform their operations and drive innovation. Barely one in ten expressed a strong commitment to innovation and interest in revising their management strategies. 
The contrast with their global peers is pronounced. Just one third of Thai family businesses felt that digital transformation and automation would create growth opportunities, compared to almost two thirds globally. The figures jump out again – 22 percent locally against 39 percent worldwide – when it comes to having invested in digital and artificial intelligence initiatives.
As for the latter, experimenting with AI and generative AI as a growth opportunity, the gap against the global average is at its most staggering: just 3 percent of Thai family businesses are exploring or using the technology compared to the worldwide figure of 61 percent, despite 46 percent of family businesses previously reporting a boost in revenue and profitability through the adoption of GenAI.
Thai family businesses appear, rather, to be focussed on other significant challenges, reporting the impacts of economic volatility such as to inflation and supply chain disruption at a far higher rate than the global average, 69 percent against 58 percent, as well as changing consumer behaviours expectations, at 53 percent compared to 41 percent – and responding with a more cautious approach.
“Thai family businesses are feeling the effects of major global megatrends, including economic uncertainty, geopolitical risks, changes in trade, and the shifting consumer demands,” says PwC family practice leader and assurance partner Amornrat Pearmpoonvatanasuk. “While some businesses have continued to achieve growth last year, many have seen their sales take a hit.”
Pearmpoonvatanasuk adds that adapting smartly and strategically to these changes will be the key to emerging stronger in the years ahead. One area the firm cites is agility, with 44 percent of Thai family respondents who say they can swiftly adapt being among those achieving double-digit growth. However, only a quarter overall rate themselves as agile, compared to 34 percent globally.
Along with setting clear strategic goals, Pearmpoonvatanasuk concludes: “In a world shaped by fast-moving technology and shifting market trends, Thai family businesses must go beyond traditional models. Building greater organisational agility is the first step. Businesses should then follow with decisive investments in AI and digital technologies to drive sustained value.”
Last month, PwC was named one of the leading consulting firms in Asia’s family business landscape.
