Central Pattana Plc (CPN), a Thai retail and property developer, and Central Department Store Co Ltd (CDS) under Central Retail, are investing 500 million baht in a Chinese New Year campaign.
Titled "The Great Chinese New Year", the campaign commenced on Jan 7 and runs until Feb 6 at Central malls and department stores nationwide, including Esplanade Ratchada.
Nattakit Tangpoonsinthana, chief marketing officer of CPN, said the company aims to create significant experiences nationwide, such as the "Red Lantern Festival" symbolising good fortune and prosperous new beginnings.
Shoppers can enjoy Chinese cultural performances at CPN malls while exploring 38 Chinese New Year markets countrywide, showcasing auspicious items and foods along with special promotions.
The campaign features handcrafted lanterns that reflect the traditional local essence during the festive season, particularly in upcountry malls such as Central Nakhon Sawan and Central Nakhon Pathom.
Mr Nattakit said when combined with the government's Easy E-Receipt 2.0 tax deduction scheme, the campaign is projected to generate more than 15 billion baht and increase CPN's mall traffic by 25-30% nationwide compared with regular periods.
Rvisra Chirathivat, chief marketing officer of CDS, said the offers will be available to tourists from now until Feb 6 at all Central Department Stores.
"We anticipate this year's Chinese New Year campaign, coupled with the Easy E-receipt scheme, will enhance customer traffic at Central Department Stores by 20% year-on-year and boost sales by 10% year-on-year," she said.
Mr Nattakit said he expects state stimulus schemes will lift retail sentiment in the first quarter this year.
The company forecasts an increase in mall visits by foreign customers, particularly in tourist hotspots such as Chiang Mai, Phuket, Pattaya and Samui.
Foreign tourists account for 45% of traffic at CentralWorld at present, up from around 30% in 2019, with most of the foreign visitors coming from elsewhere in Asia.
Elevated household debt, which could lead to weakened consumer purchasing power, and the US-China trade war are factors the retail sector should monitor this year, he said.
"Central Pattana focuses on attracting middle to high-income customers, so any decrease in spending power among some segments may not significantly impact our business," Mr Nattakit said.