BANGKOK, Dec 18 – The Kasikorn Research Center, KResearch, has estimated that Bangkokians likely spend about Bt23.1 billion during the 2014 New Year holiday, an 8.5 per cent year-on-year increase.
KResearch has assessed that some Bt6.5 billion, 28.1 per cent of the total spending, should be spent domestically on food and beverages, while Bt5.2 billion or 22.5 per cent will be given to family members.
Up to Bt4.5 billion or 19.5 per cent will be spent on travel, while Bt4.1 billion or 17.7 per cent will be spent on New Year’s gifts. Some Bt2.7 billion or 11.7 per cent will be spent on merit making, while the remaining Bt100 million will be spent in varied ways.
A recent survey found that most Bangkok respondents, almost 90 per cent, opted to celebrate the holiday even though the rising costs of living and household debt appears to be a major factor influencing their spending during the upcoming New Year celebration.
This year shoppers likely buy multi-functional goods as gifts during the holiday period, though gift baskets remain the most popular choice, followed by functional food as well as women’s and men’s apparel.
KResearch also finds that many Bangkokians plan a get together with friends and family, followed by travel, likely a trip back to their hometowns or giving presents. This year, most people are expected to be more careful on spending so businesses are advised to set their product and service prices lower in order to boost consumer spending.