Display mode (Doesn't show in master page preview)

8 Apr 2022

Econ Digest

During Songkran in an era of high living costs, Bangkok residents save on “eating-shopping-traveling” expenses

คะแนนเฉลี่ย



        The rising cost of living from late 2021 to early 2022, coupled with the intensifying situation in Russia and Ukraine, has led to higher food and energy production costs, putting pressure on consumers’ purchasing power that has not yet recovered while consumers still have concerns about the number of COVID-19 infections in the country. KResearch expects that spending by Bangkok residents during the Songkran 2022 will continue the shrinking trend of the same period last year, to THB23.4 billion, because residents are reducing Songkran celebration activities and choosing only necessary spending. The survey results show a decline in most types of spending, with fellowship parties, meals and dining accounting for 40% of the total spending, or THB9.5 billion. The majority of respondents plan to cook meals at home and focus on reducing spending. Meanwhile, shopping expenditures will be THB4.2 billion, with consumers avoiding or reducing the purchase of luxury goods, focusing on products on sale and tending to delay purchases of high-value items such as home appliances and electronics. As for domestic travel expenses, spending will increase slightly from last year’s low base to THB6.050 billion, as respondents focus on prudent spending within a set budget.

        KResearch believes that during the Songkran Festival, businesses can run short-term promotions on certain fast-changing fashion products or products with limited shelf life to stimulate spending of customers who still have shopping budgets, such as incremental discount promotions, special discounts for slow moving products, the introduction of set products, etc., to stimulate customers to buy more products each time, thus helping to increase the business’s liquidity. However, in the long run, businesses must focus on product cost management and product and service development to create differentiation in the highly competitive market.

Scan QR Code


QR Code

Annotation

This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow.

Econ Digest