Vendors at Pak Khlong Talat, the biggest wholesale and retail fresh flower market in Bangkok, are optimistic Valentine's Day on Tuesday will be profitable for them following a spike in early orders for red roses.
One vendor interviewed by the Bangkok Post said she hoped that flower sales, particularly roses, would blossom for this year's celebration of all things romantic now that Thailand had eased Covid-19 restrictions and the economy was gaining momentum.
Roses, the traditional Valentine's gift, are currently in high demand. "I have noticed that there are more customers here this week," said 44-year-old Lakkhana Chanmon, a florist who specialises in roses at the market.
Pak Khlong Talat flower market in the Wang Burapha Phirom area of Phra Nakhon district is the capital's primary flower market and a well-known tourist attraction on Rattanakosin Island, which is better known as Bangkok's old quarter.
It is on Chak Phet Road and adjacent side streets, close to Memorial Bridge. The market is open 24 hours but is at its busiest before dawn when boats and trucks arrive laden with flowers from nearby provinces. Its location is by the Chao Phraya River near the southern end of Khlong Lot, hence the name "Pak Khlong Talat", which literally means "the market at the mouth of the canal".
As a wholesaler supplying florists across the country, Ms Lakkhana said she has noticed that her regular clients have been ordering roses in significantly greater quantities this year. "They tell me they are stocking up as they envisage big sales on the 14th [today]," she said.
Another vendor at the market, Phi Luekok, has also noticed an increase in demand for roses.
The 62-year-old added that the price of whole roses had risen, but not parts, such as petals or flowers without the stems, which are not as well priced.
Jindaporn Kaewbundit, an online flower and seed retailer correspondingly reported high demand for roses, compared with other flowers, which have also risen but "in a subtle manner".
As the prices rise, "some customers might find roses too expensive and may look to other flowers as sunflowers or chrysanthemums, which carry good meaning since they are lower in price," said the 30-year-old.
Following customer feedback, the average cost of a single flower as a gift for a loved one would be between 150 and 300 baht, Ms Jindaporn said.
High cash flow
According to the University of the Thai Chamber of Commerce's Centre for Economic and Business Forecasting, this Valentine's Day will generate over 2 billion baht in cash flow, the highest in the last five years, following poor sales just prior to and during the Covid-19 pandemic.
The university on Feb 7 released the results of its spending projection for Valentine's Day 2023.
"Valentine's Day this year will be the busiest in recent years with growth accelerating following the Covid-induced slump that hit the economy," said Thanawat Phonwichai, President of the University of the Thai Chamber of Commerce.
The Centre for Economic and Business Forecasting surveyed 1,255 respondents, who were asked how much they would be willing to spend on Valentine's Day this year. Based on their answers it has been forecast that approximately 2.3 billion baht will be spent this year, a 15.5% increase on last year.
The report estimates that members of the Gen Z age group will spend 823 baht on a gift for their loved one, while those from Gen Y and X will spend 1,251 and 1,666 baht, respectively.
Young stay sceptical
Pimchat Vanichpattanakul, a 22-year-old university student, said she would spend around 1,000 baht on Valentine's Day festivities and gifts. "As a student with little income, I don't think I will spend too much," she said.
"Personally, I don't think Valentine's Day is about capitalism or anything like that; it is important to me because it is the day of love, an opportunity to show your loved one that you care a lot about them," she added.
Some university students though have a higher budget, such as Phum Nakwarangkul, 22, who plans to spend around 2,500 baht on the whole event: "I spent around 1,650 baht on this preserved rose. I want it to be long lasting, unlike typical flowers or snacks which only lasts a day," he said.
Valentine's Day has lost its original "meaning," according to him; "it is just one popular event or trend where Thai people like to give flowers to their lovers and take them to a fancy restaurant."
"Businesses like flower shops capitalise on the event by raising prices and running promotions to maximise profits. The victims are couples who place too much value on the event and feel compelled to buy flowers even if they are too expensive," he added.
The expected increase in spending from an average of 1,176 baht per person last year to 1,848 this year is partly due to rises in product and service prices caused by inflation.
Another factor is better economic conditions following the improvement of the Covid-19 situation and the ongoing China-United States trade war, he said.