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5 Apr 2018

Thai Economy

Songkran Festival 2018: Spending in Bangkok to Reach THB24.14 Billion (Current Issue No. 2907)

 It is expected that spending by Bangkok residents during the Songkran Festival will improve in 2018, thanks to longer holidays and a better atmosphere to travel than the previous year. A poll conducted by KResearch shows that 53.0 percent of Bangkok city dwellers intent to engage in various activities in Bangkok this year. An interesting issue found is that more Bangkok residents are planning to stay in the capital in 2018 rather than going to their home towns or traveling elsewhere. This, therefore, should offer opportunities for businesses to attract consumers opting to stay in Bangkok during the Songkran Festival in 2018 or subsequent years because their numbers should increase ahead. Our survey also shows that Bangkok residents are planning to organize various activities at home, e.g., a party with family members and relatives. If not, they may take short trips to nearby provinces, e.g., Phra Nakhon Si Ayutthaya, which is the most popular destination, or  engage in activities in Bangkok, e.g., visiting shopping malls.

          KResearch is of the view that businesses that are able to offer services along with related marketing activities both offline and online should attract or stimulate Bangkok residents to spend more during the upcoming Songkran Festival. Businesses that will likely benefit from the Songkran Festival this year are those meet the needs of Bangkok residents, e.g., food delivery service, shopping malls, restaurants in shopping malls, online stores and delivery service  supporting the online retail business.

              Given this, we at KResearch expect that Bangkok residents will spend perhaps THB24.14 billion, increasing 5.0 percent, during the Songk​ran Festival this year, comprising THB9.2 billion on food and beverage (F&B), THB6.3 billion on accommodation/travelling, THB4.5 billion on shopping, THB2.04 billion on merit making and THB2.1 billion on other activities, e.g., cash gifts to senior family members, entrance fees to various tourist attractions/movie & concert tickets and water splashing.       

Thai Economy