Thai consumer spending in foreign currencies increases 200%

[snoop1130]

(Photo by rupixen.com)

 

Thai consumer spending in foreign currencies increased 200% during the second quarter year on year, according to a multi-currency wallet platform Youtrip.

 

The data also shows most spending was on popular e-commerce platforms and for home entertainment, such as games and video streaming.

 

The most popular e-commerce platforms were Amazon, eBay, Alibaba, Aliexpress, iHerb, KTown4U, and Taobao, with more than a 100% increased spend on the platform year on year.

 

Full Story: https://www.thaipbsworld.com/thai-consumer-spending-in-foreign-currencies-increases-200/

 

-- © Copyright Thai PBS 2021-08-18

 

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[smedly]

anyone that can make any sense of that please share because it is beyond me

[RotBenz8888]

"Home entertainment and gaming saw the highest growth, with an over 400% increase, whether it is for Netflix or game streaming in-console or on-website purchases which, expert says, is due to the increasing number of people working from home..." 

 

Good news! I thought " work from home" meant sleeping the whole day. 

 

 

[hotchilli]

15 hours ago, snoop1130 said:

The data also shows most spending was on popular e-commerce platforms and for home entertainment, such as games and video streaming.

No school has had an affect.

[djayz]

14 hours ago, smedly said:

anyone that can make any sense of that please share because it is beyond me

I assume it just means people residing in Thailand buying goods and services on foreign platforms (and having it shipped/used here). 

It makes perfect sense that people need some form of entertainment during the never ending lock downs.

[mancub]

Had me thinking Pattaya's workforce were cashing in their hard-earned 100 Rupee notes !

[jacko45k]

11 minutes ago, djayz said:

I assume it just means people residing in Thailand buying goods and services on foreign platforms (and having it shipped/used here). 

It makes perfect sense that people need some form of entertainment during the never ending lock downs.

But that would  mean Thai consumers spending in Thai baht rather than foreign currencies wouldn't it? 

[bronzedude]

My credit card has no foreign exchange fees. I always tell the cashier I want the purchase in Thai baht. Sometimes they show what the conversion is in USD and it is always around 5% less. A recent example, earlier this week I went to Medpark Hospital for a free pfizer jab (yay free) and stayed in a hotel where the studio suite was usually 2500 baht, but on sale for 1500 baht so I stayed 2 nights. They showed me the 3000 baht charge in USD and it was $95. I asked for Thai baht and when I checked the charge on my internet account it was $90 or a difference of $5 or 165 bht. It doesn't take an accountant to know if you use a credit card with no foreign exchange fees in Thailand and spend 100 times my 3000 baht a person can save 16500 bht or $500. Big C, 7-11. Family mart, most gas stations and golf courses (when we're able to play) take credit cards. I stopped going to Makro for big purchases because of their credit card policies.

[TheAppletons]

1 minute ago, bronzedude said:

My credit card has no foreign exchange fees. I always tell the cashier I want the purchase in Thai baht. Sometimes they show what the conversion is in USD and it is always around 5% less. A recent example, earlier this week I went to Medpark Hospital for a free pfizer jab (yay free) and stayed in a hotel where the studio suite was usually 2500 baht, but on sale for 1500 baht so I stayed 2 nights. They showed me the 3000 baht charge in USD and it was $95. I asked for Thai baht and when I checked the charge on my internet account it was $90 or a difference of $5 or 165 bht. It doesn't take an accountant to know if you use a credit card with no foreign exchange fees in Thailand and spend 100 times my 3000 baht a person can save 16500 bht or $500. Big C, 7-11. Family mart, most gas stations and golf courses (when we're able to play) take credit cards. I stopped going to Makro for big purchases because of their credit card policies.

Fascinating. And completely off-topic. 

[Cake Monster]

1 hour ago, djayz said:

I assume it just means people residing in Thailand buying goods and services on foreign platforms (and having it shipped/used here). 

It makes perfect sense that people need some form of entertainment during the never ending lock downs.

It also means that  Thai Consumers are getting more Savvy.

Many of the Sites mentioned offer the Goods at a greatly reduced price than sellers on Lazada or Shoppee are doing.

I know for fact on many purchaces I have made from Aliexpress, that the prices can be as much as 400% lower for the exact same item.

[kensawadee]

45 minutes ago, TheAppletons said:

Fascinating. And completely off-topic. 

This is a case where even off topic it is very helpful to spread the word..... These Thai stores are ripping off the farangs  with conversions profitable to them stores.... and his info is valuable to many..... You are boring with your trash.....

[TheAppletons]

7 minutes ago, kensawadee said:

This is a case where even off topic it is very helpful to spread the word..... These Thai stores are ripping off the farangs  with conversions profitable to them stores.... and his info is valuable to many..... You are boring with your trash.....

In which case, it would be even more valuable as a new thread on that topic. 

[djayz]

1 hour ago, jacko45k said:

But that would  mean Thai consumers spending in Thai baht rather than foreign currencies wouldn't it? 

Well, I assume if they buy on e.g. Amazon USA, then they'd pay in $. 

I've bought a few items on eBay USA and had to pay the dollar price. 

[Moonlover]

54 minutes ago, TheAppletons said:

52 minutes ago, bronzedude said:

My credit card has no foreign exchange fees. I always tell the cashier I want the purchase in Thai baht. Sometimes they show what the conversion is in USD and it is always around 5% less. A recent example, earlier this week I went to Medpark Hospital for a free pfizer jab (yay free) and stayed in a hotel where the studio suite was usually 2500 baht, but on sale for 1500 baht so I stayed 2 nights. They showed me the 3000 baht charge in USD and it was $95. I asked for Thai baht and when I checked the charge on my internet account it was $90 or a difference of $5 or 165 bht. It doesn't take an accountant to know if you use a credit card with no foreign exchange fees in Thailand and spend 100 times my 3000 baht a person can save 16500 bht or $500. Big C, 7-11. Family mart, most gas stations and golf courses (when we're able to play) take credit cards. I stopped going to Makro for big purchases because of their credit card policies.

Expand  

 

54 minutes ago, TheAppletons said:

Fascinating. And completely off-topic. 

Why is it completely off topic? The topic is: 'Thai consumer spending in foreign currencies'.

 

A customer (Thai or foreigner) using a foreign credit card to make a purchase in Thailand fits that profile exactly and that is just what @bronzedude is alluding to.

 

Thanks for the useful info Bronzedude

[kensawadee]

2 minutes ago, TheAppletons said:

In which case, it would be even more valuable as a new thread on that topic. 

Go Back to your race track and stop trying to pick a fight with your nonsense....

You start a new thread.. This fit in to this thread with ease until you came along....

[TheAppletons]

23 minutes ago, Moonlover said:

 

Why is it completely off topic? The topic is: 'Thai consumer spending in foreign currencies'.

 

A customer (Thai or foreigner) using a foreign credit card to make a purchase in Thailand fits that profile exactly and that is just what @bronzedude is alluding to.

 

Thanks for the useful info Bronzedude

  I politely suggest your response indicates you don’t really understand the OP. 
 

  Your example is the exact opposite of the OP, which is that Thais are spending more money outside of Thailand, to buy things from outside of Thailand, and that those things are priced in foreign currencies. 
 

  From the OP:  Youtrip also reported that Thai consumer spending in foreign currencies is still on the increase. Part of the reason is that people cannot travel abroad, but the demand for foreign goods remains high, while the same products might not be available in Thailand or are selling locally at inflated prices.

Edited August 19, 2021 by TheAppletons

[kensawadee]

9 minutes ago, TheAppletons said:

  I politely suggest your response indicates you don’t really understand the OP. 
 

  Your example is the exact opposite of the OP, which is that Thais are spending more money outside of Thailand, to buy things from outside of Thailand, and that those things are priced in foreign currencies. 
 

  From the OP:  Youtrip also reported that Thai consumer spending in foreign currencies is still on the increase. Part of the reason is that people cannot travel abroad, but the demand for foreign goods remains high, while the same products might not be available in Thailand or are selling locally at inflated prices.

My Mia-Noi in Thailand has MY USA CREDIT CARD and uses it almost daily at 7-11, Tesco-Lotus or BigC or For filling petrol in the truck.... She buys in Thailand and I pay US Dollars here in the USA.... And I still request her to Pay in Thai Baht to save me money on the conversion rates....

There are many things happening in this world that your narrow mind just can't comprehend.....

Many things are close-enough to being on topic and valuable input and don't need your worthless ridicule...

[robblok]

17 hours ago, smedly said:

anyone that can make any sense of that please share because it is beyond me

What it says is that Thai consumers spend their money abroad on shopping platforms that offer better quality goods or cheaper goods then locally available.

[Mr Derek]

2 hours ago, robblok said:

What it says is that Thai consumers spend their money abroad on shopping platforms that offer better quality goods or cheaper goods then locally available.

Not really. It says they are spending foreign currency, but they are not, they are spending baht, only it is going out of the country.

Some people might actually have a foreign currency account in Thailand and use that for payment, but I don't think that is what is being claimed.

[robblok]

1 minute ago, Mr Derek said:

Not really. It says they are spending foreign currency, but they are not, they are spending baht, only it is going out of the country.

Some people might actually have a foreign currency account in Thailand and use that for payment, but I don't think that is what is being claimed.

It is what i claimed it to be does not have much to do with currencies just that they are spending their money on foreign shopping platforms. So you got an outflow of baht. 

[jacko45k]

4 hours ago, djayz said:

Well, I assume if they buy on e.g. Amazon USA, then they'd pay in $. 

I've bought a few items on eBay USA and had to pay the dollar price. 

I buy from Ali Baba and pay in THB... well at least use a Thai CC.

[Mr Derek]

2 hours ago, robblok said:

It is what i claimed it to be does not have much to do with currencies just that they are spending their money on foreign shopping platforms. So you got an outflow of baht. 

Read the headline again.