“KASIKORNBANK” expects Chinese New Year’s money to spread 12 billion baht, expanding once more in three years.
On January 12, a report from the Kasikorn Research Center Spending during the Chinese New Year in Bangkok in 2023 is expected to be approximately 12,330 million baht, or an increase of regarding 5.0% compared to the Chinese New Year last year. This is a return to expand once more in three years, as a result of product prices that are expected to increase by regarding 3.5% compared to 2022, causing people to be careful with spending. by reserve money to buy more offerings but reduced the red envelope distribution while the number of people in Bangkok which participated in activities during the Chinese New Year may increase by regarding 1.5% from the previous year.
Especially returning to do travel activities, making merit, eating out more This is driven by the relaxed COVID situation and measures to shop well. However, following the Chinese New Year festival is expected, Bangkok residents Will come back to plan spending more carefully amid the high cost of living
The report states that During the Chinese New Year 2023, the price direction for most offerings is likely to increase compared to the Chinese New Year last year. from the factor of production cost that is still high In particular, some vegetables and fruits that are popular during Chinese New Year still have prices increased by at least 20%, such as golden bananas, tangerines, Chinese cabbage, celery, etc., while meat groups such as chicken, prices should increase by regarding 10% for pork, although prices dropped from the same period last year, which was affected by the swine epidemic situation.
Overall, prices are still standing high, which may affect Bangkok residents. face pressure from product prices that tend to move up Consistent with the survey indicating that The factors that affect shopping behavior during the Chinese New Year 2023 the most are rising product prices. purchasing power and cost of living as well as concerns regarding the return of the COVID epidemic, respectively
The report states that While spending behavior during the Chinese New Year 2023, Bangkokians still focus on planning their spending appropriately and succinctly. Because there is still a pressure factor from the high cost of living with details 1. Expenses for the purchase of offerings which is the main activity of the festival even though the product price level has increased But overall, there is still a budget reserve for this part of the main expenditure. because it is considered a necessary expense
2. Expenses for traveling / making merit / eating out Some Bangkok residents plan to do activities in this section increased from the previous year compared to other activities. Due to the situation of COVID-19 more relaxed but still under the allocated budget This should compensate for other expenses that have been reduced, such as the red envelope/gold giveaway.
and 3. Expenses for red envelopes/gold distribution Most Bangkokians try to reduce their expenses in this section by the most for the third year in a row, both in amount and number of givers. compared to other expenses because it is a high cost amid economic uncertainty and limited purchasing power
