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4 Apr 2017

Thai Economy

THB23 Billion on Songkran Spending in Bangkok Fascinating Marketing will Attract Buyers (Current Issue No. 2836)

Songkran spending may not be very flamboyant this year, with many impediments such as concern toward living costs, inconvenient travel, high ambient temperatures and a lack of spending stimulus as in 2016 to dampen enthusiasm. Thus, many people remain careful with money and have changed their spending behavior to match their buying power. Most are avoiding partying, buying fewer presents or just shopping less, staying home more, watching TV, surfing social media, following online news and ordering food and beverages for delivery.

Under these circumstances, businesses that will generate more sales income during the coming Songkran holiday will likely be those that are responsive to this new way of life. They would include online retail trade, online entertainment and food delivery services. Traditional recipients of holiday spending, e.g., restaurants, retailers, gas stations and tourism venues, may need to think about new marketing plans and prepare themselves for the prevailing customer behavioral change. Effective marketing campaigns might include discounts, redemptions and giveaways, and a wise selection of communication channels to reach the largest number of consumers. Brand awareness may be heightened by interesting content that may inspire people in Bangkok to spend more this Songkran.

KResearch estimates that the Bangkok populace will spend THB23 billion on this Songkran holiday, largely unchanged from last year, with about THB8.8 billion for F&B, THB5.8 billion on travel, THB4.4 billion for shopping, THB2 billion toward making merit, and THB2 billion on other activities, such as visiting tourism venues, going out to movies/music, or joining water splashing.

Thai Economy