Overall expenditure during Chinese New Year is expected to grow by at least 5-10% from the level recorded last year, driven by government incentives and promotional campaigns in the private sector, as Thais could spend up to 31% more than during the regular period, according to Central Food Retail (CFR), operator of Tops grocery stores.
Chakkit Chatupanyachotikul, head of marketing, public relations and creating shared value at CFR, said customers are willing to purchase more goods for worshipping purposes during the Lunar New Year, particularly those who shift to more high-value products.
According to the University of the Thai Chamber of Commerce, around 45 billion baht circulated during last year's festival period, the highest level recorded in three years.
This year's growth will be further driven by the tourism high season, the government's Easy E-Receipt scheme as well as various promotions launched by the private sector, he said.
Meanwhile, CFR is aiming for 15% sales growth during this year's festival.
This holiday, which is considered a peak period for overseas trips among Chinese people, will attract more tourists to Thailand and eventually help stimulate overall spending across Tops outlets.
In 2023, Tops' Chinese New Year pre-orders grew by 38.4% from the same period in 2022. Customers have become more attentive to the ritual, demanding a complete set of products through pre-order bookings, he said.
He said 44% of products sold were meat and seafood, 24% were fruits and vegetables, while the remaining 32% was dried products and worship sets.
Mr Chakkit said the spending trend during Chinese New Year also sees younger age groups become more active in purchasing during this period, with 70% of Tops' customers aged between 30 and 54.
Tops prepared over 500 special products for the Chinese New Year campaign, with highlights comprising a seafood premium set costing from 415 baht to 6,990 baht, covering basic starters to premium products.
Customers can pre-order products via the company's official Line app.
Tops is also adding more environmentally friendly products to the lineup as customers are becoming more eco-conscious.
It also invited Master Chang Tossaporn Sritula to be its campaign presenter. The top 20 spenders will be rewarded with a trip to Wat Boromracha Kanchanapisek Anusorn.