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12 Jan 2023

Thai Economy

Chinese New Year 2023: Bangkokians’ spending projected to grow for the first time in three years, amid cautious spending (Current Issue No.3381)

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        Based on its survey findings, KResearch views that Chinese New Year in 2023 will likely see brighter prospects compared to last year, driven by the easing of the COVID-19 situation and the “Shop Dee Mee Khuen” (shop and payback) scheme. However, consumers’ spending behavior must be adjusted to accommodate their available budget. This is because prices of Chinese New Year offering sets are likely to increase compared to last year due to persistently high production costs. In particular, prices of some vegetables and fruits have risen by not less than 20 percent, while prices of meats such as fresh chicken may increase by 10 percent. Pork prices are lower compared to the same period of last year but remain high in overall. Given such circumstances, Bangkok residents participating in this year’s Chinese New Year activities still face pressures from product prices that tend to rise amid the high cost of living.

        KResearch projects that Bangkokians' spending during the 2023 Chinese New Year will likely amount to THB 12.33 billion, an increase of 5.0 percent YoY, which is a return to resumption of growth for the first time in three years. As product prices are likely to increase by 3.5 percent compared to the year before, city residents are still cautious about their spending by allocating budgets to buy more religious offerings while reducing gifts like cash and gold. Meanwhile, the number of Bangkok residents joining Chinese New Year activities, especially travel/merit-making/dining outside the home, may increase by 1.5 percent from the previous year. However, after the end of Chinese New Year festivities, it is expected that Bangkokians would focus more on spending with caution.

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