However, people will be more careful with their money and may reduce the amount they put in the customary “ang pao” or red envelopes.
The centre expects Chinese communities in Bangkok to spend 11.79 billion baht during festivities this year – a conservative estimate based on the amount spent last year.
Rising costs and concerns over Omicron cases are the main reasons affecting the purchasing power of Bangkok residents.
According to the survey, 71 per cent of Bangkokians believe rising prices will affect the amount they spend on offerings, especially food offerings. Spending, however, is expected to remain high as the government is trying to maintain the price of some products and offering shopping subsidies.
However, the surge in demand may push the prices up, especially the price of meat, which is expected to rise by 15 to 30 per cent, and fruits and vegetables that may rise by 5 to 10 per cent compared to last year.
Though the Lunar New Year celebrations will continue unabated in Bangkok, there may be some changes. The survey shows that ethnic Chinese communities in Bangkok will spend as much as they did last year or adjust their spending as follows:
Meanwhile, the centre has advised the business sector to come up with new promotions, like online sales or free delivery, to boost spending.
It said that normally Chinese New Year offerings are bought separately from different shops. However, if these very same products are offered in one platform online, they will be bought together due to speed and convenience – factors treasured by the younger generation.
The centre also advised stores to start providing customers with a tax invoice so they can get tax redemptions under the “Shop Dee Mee Kuen” subsidy scheme.
The centre pointed out that with consumer behaviour changing under the new normal, it is time that stores and retailers began adjusting their marketing strategy to survive.
Published : May 24, 2022
Published : January 25, 2022
By : THE NATION