A survey conducted by KResearch to find out how much Bangkok residents plan to spend over the Songkran holiday found that more than 50 percent of those currently reside in the capital plan to spend more on shopping. Cited reasons were either that prices of goods and services are higher these days, that they have more disposable cash, or they simply plan to spend more. Retailers should take this opportunity to promote sales and thus boost their revenues during the festival.
Conventional campaigns like price reductions, special events and collaboration with credit card providers are still powerful tactics to attract potential shoppers and impulse buying. For window shoppers, however, retail outlets can employ appealing ideas to encourage them to spend, some of which are special privileges for Songkran spenders, e.g., earning double reward points, longer installment terms, etc. Stores will, of course, likely also encourage the spending mood by putting up Songkran-themed displays.
KResearch expects that Bangkok shoppers will generate over THB7 billion in revenue for retailers during Songkran, growing over 10 percent YoY. Of that total, THB5 billion – about 70 percent – may go to retailers in Bangkok, while the remaining THB2 billion may be spent outside Bangkok. Shops in malls, discount outlets and souvenir shops have the potential to significantly increase their profit margins seasonally during the festival.
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