Retail operators are competing head-on to capture spending worth 50 billion baht during the coming Chinese New Year festival.
Over 1 billion baht is expected to be allocated by major retailers such as Central Department Store, The Mall Group, Robinson Department Store and Big C Supercenter to spur a shopping spree from now till the middle of February.
Customers are being offered various prizes, from cars to outbound tours to cash coupons and discounts.
Chamnarn Maytaprechakul, executive vice-president of The Mall Group, said consumer spending in the first 15 days of January grew by 5% from the same period last year.
"With this positive sales growth, we expect consumer spending power to carry on into the Chinese New Year period near the end of January," he said.
The University of the Thai Chamber of Commerce's Center for Economic and Business Forecasting projects spending during Lunar New Year to reach at least 50 billion baht this year, on a par with last year, and will mostly go to food, gifts, decorations and clothes to worship ancestors.
The new generation of Thais with Chinese ancestors tends to purchase worship sets at shopping malls.
The Mall Group expects 2.5 billion baht in sales from its 18-day Chinese New Year campaign during Jan 19-Feb 5. Bodhisattva Guanyin will be available for worship during Jan 25-Feb 1 at every branch of The Mall.
Mr Chamnarn is confident that 2017 retail business will continue to grow. The consumer confidence index improved during the fourth quarter of 2016, and the government has announced constant policies to boost the economy.
The Mall Group expects sales this year to grow by 4-5% from last year's 54 billion baht, which was up 4% from 2015.
Rangsit Plaza Co, the operator of Future Park Rangsit, will organise its Chinese New Year campaign during Jan 25-Feb 19.
Rattana Anantanupong, the company's marketing director, said the company will spend 10 million baht on its Chinese New Year campaign this year, with more than 1,000 shops in its complex offering discounts of up to 80%.
Salinla Seehaphan, corporate affairs director of Tesco Lotus, said the hypermarket will give customers who purchase fresh foods during Jan 16-25 coupons worth 150 baht to use on their next purchase of fresh food during Jan 26-29.
Tesco Lotus Shop Online allows customers to pre-order key items before Chinese New Year.
Central Department Store will spend 120 million baht on its Lunar New Year campaign during Jan 19-Feb 5, with discounts aiming to boost sales by 10%.
Robinson has invested over 15 million baht in its New Year campaign running until Jan 31. Offers include 30% discounts in a bid to generate more than 2 billion baht in sales.
Big C will spend 350 million baht on its Chinese New Year campaign, aiming to boost sales by 15-20% during the period.