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9 Sep 2019

Industry

Mooncake market in 2019: Price factor...pushes market value up 2.1% (Current Issue No.3029)

              ​KResearch has surveyed consumer behavior during the Mid-Autumn Festival this year and found that most Thais are still interested in buying mooncakes with the proportion of mooncake purchases rising to 61.4 percent in 2019 from 59.6 percent registered in 2018. Most consumers buy Chinese delicacies for their own consumption, representing 47.1 percent (most of the respondents in this group are the new generation aged 20-39), followed by 26.6 percent of respondents who purchase mooncakes to observe the Mid-Autumn Festival traditions, 22.3 percent of them purchases mooncakes as gifts for their relatives and friends, and the other 4.0 percent of respondents plan to buy mooncakes as gifts for their corporate clients.

           It is noted that the respondents said they plan to purchase a smaller amount of mooncakes this year or 7.2 pieces on average versus 7.5 pieces in 2018. However, the amount of spending expected for mooncakes this year is close to last year's or 992 Baht/person this year versus 997 Baht/person last year, and 29.5 percent of the respondents said they would buy less this year because it has become too pricey. The survey result is in line with information collected by KResearch, which shows that mooncake prices on the market have increased 3-5 percent on average. Additionally, 27.9 percent of respondents said they would buy less because of their higher spending burden and 8.2 percent of them said they would buy less because of their lower income.

            ​  Based on the survey results together with overall economic sentiment, KResearch projects that the mooncake market in 2019 will total around 950 million Baht, up 2.1 percent. The small rise is largely because mooncakes have become more expensive in accordance with prices of ingredients for original flavors such as durian. Moreover, sellers tend to mark up the prices of mooncakes with new flavors higher than mooncakes with traditional ones. The markup price is also a result of the value-added effort through elaborate packaging designs, focusing on value for consumers.


Industry