Bangkok people spending more this year on Chinese New Year

Bangkok people spending more this year on Chinese New Year

BANGKOK: This year's celebrations of the Chinese New Year will see people in Bangkok spending more to celebrate the festival with around six billion baht is projected.

According to the Kasikorn Bank Research Center, it expects an increase in cash flows in the capital during the upcoming Chinese New Year celebrations of between 6.1 – 6.2 billion baht.

It said this is a growth of 2 – 3% and on average represents a 3,500 baht increase per household.

The main driving force behind the expected increase in spending are the older generation Thai-Chinese who places great emphasis in adhering to traditional practices such buying vast amounts of goods and food for the purpose of praying to their ancestors the research center said.

It said younger generations of Thai-Chinese are now more inclined to spend only what they deem is vital.

The center then recommended that business operators pay attention to the change in consumer behavior focusing on increased convenience for these younger Chinese consumers.

This is vital as this new group of modern Thai-Chinese will have an increased impact on markets in the futures.

Source: http://englishnews.thaipbs.or.th/content/148858

-- Thai PBS 2016-01-30