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27 Jan 2022

Econ Digest

Chinese New Year in the Year of Tiger… Bangkokians plan prudent spending to cope with soaring product prices

คะแนนเฉลี่ย

        The increase in product prices and living costs are the main factors putting pressure on Bangkokians’ spending during the Chinese New Year in 2022. Although the spread of the Omicron strain has generated some level of concern among consumers, some Bangkok residents of Chinese descent continue to value the Chinese New Year and plan to adapt and cautiously conduct their activities in line with market conditions and purchasing power. KResearch projects that Bangkokians’ spending during the Chinese New Year in 2022 will amount to THB11.79 billion, remaining stable compared to the previous year that had contracted by 10.4%, as budget spending is still tightly controlled. This spending is still dominated by the purchase of ritual offerings, and although prices of goods will tend to increase, the majority of Bangkok residents adjust by buying less and adjusting other spending behavior in other areas. For example, the survey results indicate an increase in merit-making activities/trips, but a reduction in red packets in terms of both the amount and the number of recipients. The spending can be broken down into the following: ritual offerings at THB6 billion (growth of 7.1%), tourism/merit-making/dining out at THB3.05 billion (growth of 2.8%), and red packets at THB2.74 billion (a contraction of 14.8%).
        In order to boost sales during the Chinese New Year in 2022, businesses must plan marketing and increase services that meet consumer needs, especially price promotions and services that would provide shoppers greater convenience. In 2022, it is expected that ordering online or calling merchants for home delivery will become more popular. The survey results show an increase in the percentage of products purchased online compared to in-store purchases. While most consumers still choose to buy various offerings separately in different stores, they tend to buy a complete set of offerings if they buy them online. Looking ahead, the spending behavior and perceptions of Thai Chinese consumers for Chinese New Year will tend to evolve with the situation and purchasing power they face, which will be a challenge for the operators in the years to come. Therefore, adapting strategies to cope with and keep up with behaviors and market conditions that occur across all sales channels, both in-store and online, is one way that can help businesses grow in the future.

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Econ Digest