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10 Feb 2009

Thai Economy

Valentine’s Day, Bangkok, 2009: Spending THB940 Million, Down 3.1% (Current Issue No.2139)

KASIKORN RESEARCH CENTER (KResearch) projects that the cash spent in Bangkok for Valentine's Day this year will total around THB940 million, down 3.1 percent YoY. The decrease is chiefly attributable to the economic downturn that has resulted in consumers' frugality amid concern about jobs and income security. We also forecast that the festival will generate around THB1.88 billion in money spent nationwide – based on Bangkok residents' spending – which normally contributes around half of the overall Valentine's Day spending nationwide.

We expect to see lively Valentine's Day celebrations this year, which falls on a Saturday. Shopping sprees on the “Day of Love” may start as early as February 7-9, which is a long holiday (including Makha Bucha Day). Nonetheless, the economic downturn may affect activities in the celebrations of Valentine's Day. Our findings show that most people will prefer giving flowers to loved ones and dining out. To reduce the expense, it is believed that most Valentine's Day celebrants will opt to avoid too many other activities. The changing consumer behavior amid the prevailing economic difficulties should thus hamper cash spending on Valentine's Day in 2009, resulting in smaller windfalls to some related businesses.

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Thai Economy