Thai consumers expected to "open their wallets" nearly 70 million USD for Valentine's Day

Valentine’s Day is expected to cost Thai consumers more this year as inflation remains high. Despite the difficult economic situation, people in the “Land of the Golden Pagodas” still plan to celebrate Valentine’s Day with their loved ones and buy gifts to show they care.

Valentine's Day is expected to cost Thai consumers more this year as inflation remains high. (Source: Dreamtimes.com)

The annual survey on consumer spending on love celebrations conducted by the University of the Thai Chamber of Commerce (UTCC) recently released shows that spending on Valentine's Day this year will be around 2.52 billion baht (US$69.9 million), up 5.4% from 2023.

According to the survey of 1,250 people across Thailand, 34.9% of respondents said that celebrating Valentine's Day is important. In terms of total spending, nearly three-quarters of the survey participants (73.6%) said they plan to celebrate the special occasion, although they are expected to spend more in 2024, with an estimated average spending of 2,125 baht per person, compared to 1,848 baht per person in 2023.

The top venues for celebrating love according to the survey were restaurants (41.6%), followed by supermarkets and shopping malls (24.7%), private homes (14.9%) and public parks (0.5%).

Many restaurants, hotels, and retailers in Thailand are ready to help customers celebrate Valentine's Day with special offers and dishes they don't usually serve to attract potential couples and run gift discounts on the occasion.

The results of a separate survey released by Visa on February 11 showed that online shopping was chosen by most consumers to buy gifts, with clothes and handbags taking the first place on the gift list.

According to the survey, nearly 80% of respondents said they intend to buy Valentine's Day gifts online. The top shopping options are online stores and e-commerce (57%) and social media platforms (20%).

Meanwhile, research conducted online by YouGov on 2,006 consumers found that the top gifts they plan to buy for their loved ones include clothes, handbags and jewellery (30%), followed by chocolate (25%) and flowers (12%).

(according to VNA)

Source: https://baoquocte.vn/nguoi-tieu-dung-thai-lan-du-kien-mo-hau-bao-gan-70-trieu-usd-cho-ngay-le-tinh-nhan-valentine-260787.html