GENERATION Y OVER-INDEBTEDNESS DECISION EFFECT FACTORS AFTER COVID-19 ERA: A CASE STUDY OF PHUKET PROVINCE, THAILAND

Abstract

Given the critical role of decision-making in managing debt, particularly in cases of Over-Indebtedness Decision (OD), and the significance of Generation Y in contemporary contexts, it is essential to investigate the factors influencing such decisions. This article reports on a study aimed at (1) examining the determinants of decision-making related to OD and (2) analysing behaviours impacting OD among 399 Generation Y residents of Phuket, Thailand. Phuket was selected as a pilot area for the country's post-COVID-19 reopening. Data were collected using questionnaires that included multiple-choice close-ended questions to assess demographic characteristics and a 5-point Likert scale. The research instruments were validated through the Index of Item-Objective Congruence (IOC) by five experts, and the questionnaire achieved a Cronbach’s Alpha value exceeding 0.75. The study explored various aspects, including consumer behaviour, marketing mix factors, the impact of the COVID-19 crisis, and OD levels. Data analysis employed statistical software, utilizing descriptive statistics, ANOVA (LSD), and multiple regression analysis for hypothesis testing. The findings revealed that having children/dependents and marital status influenced different levels of OD. However, the study did not find statistically significant differences in behaviours associated with excessive debt. It did identify correlations between consumer behaviour related to basic needs and investment/business purposes, certain indicators of the 4P’s marketing mix (specifically Product and Price), and the impact of COVID-19 on family income, all of which were related to OD.