While the COVID-19 situation and access to vaccines have started to improve, newly urgent matters like flooding and rising energy prices have rattled consumer confidence, sapping purchasing power and perhaps dissuading consumers from spending during the upcoming Kin Jae festival from October 6 – 14, 2021.
KResearch projects that Bangkok residents' spending throughout the 2021 Kin Jae festival will amount to THB3.6 billion, or an 8.2-percent drop YoY. Aside from other external factors, the drop in consumer spending is expected to come from the reduced number of festival days in comparison to 2020, and the reduced number of people participating in the festival, especially those office workers who are still working from home and thus are unable to purchase vegetarian food from their usual channels such as street vendors near the office. Meanwhile, people are more likely to purchase such foods from convenience stores and food delivery/online platforms, as such channels offer a greater variety of products and convenience.
Looking ahead, the vegan food market will likely enjoy considerable growth even beyond the Kin Jae festival, as the general population begin to adopt healthier eating habits and embrace eco-friendly trends. Nonetheless, the volume of consumption and sales depends on multiple factors that are deemed important by Jae consumers, including price, taste, product diversity and sales channels.
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