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16 Dec 2014

Thai Economy

2015 New Year Holiday Spending to Top THB25 billion (Current Issue No. 2568 Full Ed.)

A survey by KResearch on spending behavior during the 2015 New Year holiday has found that due primarily to a calmer political situation and a 5-day official holiday – with some organizations even going for nine days – the celebrations will probably be more festive this year. Although living costs are worrisome to Bangkok residents and could spoil the atmosphere, we found that 76.0 percent of the respondents are planning to celebrate, though their spending will likely be cautious.
KResearch forecasts that Bangkok residents will spend over THB25 billion during the holiday, up 8.2 percent YoY, but down slightly from 2013's 8.5 percent over-year expansion. Of that total, THB8.3 billion will likely be spent on food and beverages and THB6 billion on travel (accommodations and travel fees), THB4.7 billion on cash gifts for their families, THB3.6 billion on gifts and souvenirs and THB2.4 billion on ceremonial merit-making and religious homage.

Respondents will likely spend more on food and beverages, and travel, but seemed to indicate that they would economize somewhat on gifts and souvenirs. Survey results also imply that marketing campaigns will influence buying decisions. In light of this, retailers looking to see brisk trade this holiday season may emphasize attractive pricing to boost spending by residents of Bangkok.

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Thai Economy