Chinese New Year spending to take a dip: centre

By THE NATION

 

 

Festive spending among Bangkokians during the upcoming Chinese New Year (January 25) is expected to decline 3 per cent year on year to Bt13.15 billion, due mainly to shrinking purchasing power and the looming drought crisis, according to the Kasikorn Research Centre on Monday (January 13).

 

The decrease in spending will affect several businesses related to the festivities, including retail, restaurants and goldshops. Thai-Chinese tend to eat out at their favourite restaurants, going on trips and buying gold ornaments and jewelries as gifts for their relatives in the period.

 

The centre broke down estimated spending during the 2020 Chinese New Year festival as follows: Bt5.9 billion for food offering at ancestor’s shrines, Bt3.75 billion for traveling/making merit and Bt3.5 billion as gift money or ‘red envelope’ for children and grandchildren.

 

It also mentioned that the drought problem is worsening and will affect the prices of meats and fruits, both on-demand items during the period. It is expected that the prices of certain fruits could go up by 25-30 per cent, while meat prices will rise 5-20 per cent.

 

The center concluded that one of the major challenges faced by businesses related to the Chinese New Year celebration is the change in consumer behaviours.

 

“New generation consumers tend to be more detached from ancient traditions , while mid-to low-income earners often decide to skip celebration to save cost”.

 

Source: https://www.nationthailand.com/news/30380488

 

-- © Copyright The Nation Thailand 2020-01-13

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13 hours ago, snoop1130 said:

Chinese New Year spending to take a dip: centre

More like a nose dive !

But the burning joss paper will go probably go up, in hope of prosperity and cleaner

enviroment.

30 minutes ago, hotchilli said:

More like a nose dive !

Another TVF myth.

Of course overall spending will decline year on year as the Chinese blood gets diluted. Anything for a headline.

I am fairly certain my wife's family will spend the same this year as any other year.

Hopefully this year they will kill off a few more chickens.

 

Edited January 14, 20206 yr by sandyf

Hello TAT !

Here’s your reality check. 

The big guy will not be pleased.