This article challenges the dominant paradigm of 'inclusive syncretism' in the study of Thai religion. By taking the worship of multi-original deities in the popular spirit-medium cults in contemporary Thailand as a case study, it argues that practitioners and specialists working on Thai religious studies need to refresh and update their analytical paradigm to incorporate the concept of 'hybridization'. Syncretism is a proven analytical model, particularly in studies of Thai Buddhism, but it is neither a perennial nor a flawless one. It cannot be denied that Thai religion by and large has maintained its complex syncretic outlook. However, it is argued here that the focal point for students and specialists should be not the harmonious continu-ities and transformations of a syncretistic religious system, but rather the ruptures and breaks from its seemingly homogenous tradition. Based on a close consideration of the 'parade of supernaturals' flooding spirit-shrine altars in popular spirit-medium cults since the 1980s, I propose that Thailand's popular beliefs and religiosity in the past few decades have been undergoing a significant degree of 'subtle hybridization', where religious commodification and capitalist consumerism have been increasingly prominent. 1 Vineeta Sinha for their warm invitation and valuable academic guidance. My most sincere gratitude goes to the anonymous readers for JSEAS who painstakingly went through the draft and gave me very constructive comments. Any existing shortcomings in the article are solely my responsibility. 1 The phrase 'parade of supernaturals' is from Stanley J. Tambiah, Buddhism and the spirit cults in North-east Thailand (Cambridge: Cambridge University Press, 1970), pp. 351–66. For studies of these develop-ments, see the following: Marlane Guelden, Thailand – into the spirit world (Singapore: Times Editions, 1995); Peter A. Jackson, 'The enchanting spirit of Thai capitalism: The cult of Luang Phor Khoon and the post-modernization of Thai Buddhism', South East Asia Research (henceforth SEAR), 7, 1 (1999): 5–60; Jackson, 'Royal spirits, Chinese gods, and magic monks: Thailand's boom-time religions of prosperity', SEAR, 7, 3 (1999): 245–320; Pattana Kitiarsa, 'You may not believe, but never offend the spirits: Spirit-medium cult discourses and the postmodernization of Thai religion' (Ph.D. diss., University of Washing-ton, 1999); and Pattana, 'You may not believe, but never offend the spirits: Spirit-medium cults and popular media in modern Thailand', in Global goes local: Popular culture in Asia, ed. Timothy J. Craig and Richard King (Vancouver: University of British Columbia Press, 2002), pp. 160–76.