Central Food Retail Co (CFR), the operator of Tops grocery stores, says government stimulus campaigns and the revival of the tourism industry should drive the retail sector during the Lunar New Year celebration.
Chakkit Chatupanyachotikul, head of marketing, public relations and CSV, said CFR expects the government's "Easy E-receipt" tax deduction scheme, which runs from Jan 16 to Feb 28, to benefit the sector during the Chinese New Year and the first quarter.
The sector should also enjoy a tailwind thanks to the government's cash handout for people aged 60 and older, which is scheduled to kick off at the end of January, said Mr Chakkit.
"As the Thai tourism sector has recovered, we anticipate increased tourist activity will also benefit this sector," he said.
However, Mr Chakkit warned the country's economic conditions remain challenging, leading to more cautious consumer spending, with shoppers likely prioritising essential items.
"Despite the economic challenges, I believe Thais of Chinese descent will continue to spend during this festive occasion," he said.
In last year's celebration, the company saw its top five best-selling items as fresh fruits and vegetables, hygiene and cleaning products, seasonings and cookware, meat and seafood products, and home essentials.
The company expects that these favourites will remain consistent this year.
He said the grocery retail market was valued at roughly 2 trillion baht last year, according to market research firm Euromonitor.
The company expects a compound annual growth rate of 4.6% for the market from 2025, outpacing GDP growth, as consumer products remain necessary.
This Chinese New Year, Tops will offer special promotions, including Ang Pao discounts of up to 15% for loyal customers spending 600 baht or more at Tops, Tops Fine Food or Tops Food Hall and for every 100 baht spent at Tops daily.
Furthermore, customers can find a variety of symbolic products at the stores such as oranges, pears, worship sets and auspicious decoration sets.
The company anticipates its campaigns will stimulate the economy, with CFR aiming for a 20% increase in sales compared with last year's Lunar New Year.
