The Commerce Ministry has teamed up with the private sector to hold New Year grand sales for 28 days, with up to 13,500 branches of stores participating in the scheme with steep discounts of as much as 80%.
The ministry estimates that the scheme will help lower cost of living by 16.5 billion baht, with 55 billion baht forecast to be spent during the 28-day period from Dec 13 to Jan 9.
Products in the grand sales scheme include food and drinks, consumer products for daily use, kitchenware, garments, electrical appliances and construction materials.
"The ministry is hopeful that the event will help spur a year-end and New Year shopping spree and lower the cost of living for the people during the celebration period," Mr Sontirat said. "The activity will also help stimulate and activate the country's overall economy late in the year."
In related news, the Commerce Ministry's Internal Trade Department is also set to promote a Thong Fah scheme selling low-priced products to people in four provinces in the northern and central provinces.
The activity will take place in Nakhon Sawan (Dec 9-10), Sing Buri (Dec 18-21), Nonthaburi at the Commerce Ministry's headquarters (Dec 24-27) and Suphan Buri (Jan 4-7, 2019).
The same scheme will then move to 15 provinces: four in the central region, six in the South and five in the Northeast.
Salilla Seehaphan, corporate affairs director at Tesco Lotus, said the company through its 2,000 branches is ready to cut product prices by as much as 50% during the 28-day grand sales period.
Product items subject to the discount scheme include fresh food, consumer goods, gift hampers, apparel and appliances.
"The government-sponsored economic stimulus measures, including an additional grant to low-income earners through the state welfare card and shopping tax breaks for consumers, are likely to spur spending and purchasing power for consumers during this New Year period," Ms Salilla said.
The government is ploughing 63 billion baht into cash handout packages aimed at assisting low-income earners, the elderly and retired officers.
The package includes a 500-baht cash handout given as a New Year's gift to almost 15 million people worth a total of 7.25 billion baht.
The handouts are in addition to existing welfare measures for the 14.5 million low-income people in 8.2 million households who hold state welfare cards.
Electricity bills of up to 230 baht will be waived per household each month for card holders. Monthly water bills of up to 100 baht will also be waived.
The measures will run from December to next September. The total cost is expected to amount to 27 billion baht.
For the shopping tax breaks, taxpayers can claim a maximum 15,000-baht income tax deduction on purchases of tyres, books, e-books and One Tambon One Product (Otop) goods. This scheme runs from Dec 15 to Jan 16.
In addition, with a 20,000-baht maximum and 5% value-added tax (VAT) refund, shoppers will be eligible for 1,000 baht back.