KASIKORN Bank Research Center projects that shopping for Chinese New Year offerings in Bangkok will reach 6.4 billion baht this year or an increase of 3% but younger Chinese descendants are being more careful with money, Thai News Agency said today (Jan. 19)
This research center added that spending on various offerings for Chinese New Year, which this year falls on Jan. 28, should average around 3,600 baht a household.
The 3% increase in expenditure is mainly due to price hikes because while Chinese New Year festival is of highest importance to Chinese descendants here, this year the atmosphere is not conducive for excess expenditure because of the burden of higher cost of living and increased household debts.
Younger Chinese descendants are spending more cautiously with this affecting the usual animated business atmosphere during this important Chinese festival.
Kasikorn Bank Research Center added that monetary gifts which traditionally are given in red envelops or packets to children and grandchildren as well as workers might not increase from last year because the economy has yet to pick up further.
Usually this cash flow goes to related sectors such as tourism, merit-making and shopping for goods but this year these sectors might be less lively.
However younger Chinese descendants are now more active in the Chinese New Year offering market and tend to search for products of different quality and pricing points. They also focus on convenience and fast payment systems and tend to choose useful products or things that they particularly want.
Top: The dragon strutting his stuff during Chinese New Year celebrations. Photo: Angela N. (CC-BY-2.0)
Inset: It is customary to eat nin gou during Chinese New Year as it symbolizes the bond in the family. It’s sticky and sweet, which shows the togetherness in the family. Some people buy them to be given as offerings during prayers. Photo: Juliana Phang (CC-BY-2.0)