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10 Dec 2020

Econ Digest

Although Bangkok residents cut their budget for the 2021 New Year festival, the total spending will reach THB30 billion


           A survey conducted by KResearch on spending behavior of Bangkok residents during the 2021 New Year festival shows that 42.5% of respondents are choosing to celebrate the festival in Bangkok to avoid traffic jams, as some respondents have been traveling during the long-holiday since the beginning of December. The survey also shows that most respondents still set plans for the New Year festival but will spend cautiously at only THB5,300 per person in average, partly because they have gradually spent on products and services during 11.11 (November 11) and 12.12 (December 12) on-line shopping campaigns and the “We Travel Together” program.
          The most popular products for the New Year festival are clothes, shoes, apparels, cakes and snacks. The proportion of spending on gift baskets will decrease from the previous year in line with the NO Gift Policy guidelines that have been implemented by many organizations, while the smallest proportion of spending is on electronic devices and electrical appliances with relatively high value per piece. Some consumers are cautious in spending and will delay their purchases for some time due to the factor of income uncertainty caused by the impact of COVID-19 on the business sector.
           The survey also shows that more than 41% of respondents will adjust the way they celebrate, by shifting from dining at restaurants to buying food and drinks to cook themselves, due to the considerations of lower prices, serving many people and avoiding crowed areas. In addition, more Bangkok residents are choosing to shop online compared with last year (40% online and 60% offline). Although offline channels still have a larger share, online channels are important in response to the needs of customers for whom it is not convenient to go shopping in person. Therefore, operators may consider sales channels that combine both offline and online elements, together with marketing strategies, to meet the needs of the customer base for each product and to correspond to the user behavior of each channel.

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Econ Digest