‘Gifts' are popular as people usually buy them to please others during the festive New Year holiday. However, this year, the spending behavior of Bangkok residents for New Year's gift is evidently taking a more careful direction.
KASIKORN RESEARCH CENTER (KResearch) conducted a survey on ‘Bangkok Residents' Behavior on New Year Celebrations and Gift Spending for 2008' during November 1-20, 2007. The findings showed that most of the sampling group with a proportion of 75.6 percent had responded that their plans for New Year celebrations this year had been affected by the present unfavorable economy, i.e., the higher oil prices or cost of living. The consequences are, i.e., the lower spending for New Year among Bangkok residents this year, followed by reduced spending on partying and travel, respectively, as respondents are choosing to take shorter journeys to destinations near Bangkok, or staying at tourism venues that are more economical, instead.
This trend is in line with the falling ratio of respondents who plan to buy New Year's gifts this year, plus their spending on gifts that will mostly drop. Moreover, price is now the most influential factor toward respondents' consideration prior to buying, followed by the type and quality of the purchase. This trend differs from last year when pricing was secondary to quality.
Meanwhile, the poll findings also showed that respondents that are likely to increase their spending for New Year's gifts, so they will select higher priced merchandise. This group mostly earns more than THB30,000 per month. Other respondents who did not buy gifts last year are turning to buying them this year were mostly respondents aged between 15-24 years, especially teenagers who have new friends and career starters now earning their own income. Given the rising prices of many products, it is possible that the spending of Bangkok residents for New Year's gifts this year will total around THB5-5.2 billion, growing at 5-10 percent over last year, but decelerating from last year's growth of 12-15 percent.
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