December 8th, 2022, Samuel Tan
From ICONSIAM to CentralwOrld, sparkling fairy lights and towering Christmas trees beckon visitors to partake in a season of festive shopping in Thailand this year. But as the kingdom grapples with a 14-year high inflation rate, which has seen consumers cut back spending on staples, how many are still planning to go ahead with their festive purchases over this Christmas and New Year season?
In Part 1 of this two-part series, we explore how many are planning to spend more during this season (compared to non-festive months), as well as how much consumers are planning to spend on people they know during this celebratory period.
Meanwhile, in Part 2, we will examine the categories of goods and services consumers are most likely to spend on during this period, and how shoppers are funding their holiday purchases here.
What proportion of Thais are budgeting for festive purchases this upcoming Christmas and New Year seasons?
Latest RealTime Omnibus research by YouGov shows that just over a quarter of Thai consumers plan to spend more during this Christmas and New Year period than they would at other times of the year (27%).
Almost three-quarters do not appear to be budgeting for festive purchases, with 28% saying their spending during this period will remain the same, while 45% say they plan to spend less than they typically would.
Across generations, most consumers do not plan to spend more over this Christmas and New Year period. But Gen Z has the largest proportion who plan to (32%), ahead of Millennials (28%), then Baby Boomers (23%), while Gen X are the least likely to be making additional festive purchases (21%).
The majority of consumers in each region also do not plan to spend more over this Christmas and New Year period. But one in three residents of the Bangkok Metropolitan Region (33%) – Bangkok plus the five provinces of Samut Prakan, Nonthaburi, Pathum Thani, Nakhon Pathom and Samut Sakhon – are planning to: the highest across regions. On the other hand, residents of the Southern (22%) and Central region (23%) are the least likely to plan to spend more during this festive period, with under a quarter indicating so.
How much are Thais planning to spend on various people during the festive period?
Consumers were also asked how much they are planning to spend on various people during the upcoming Christmas and New Year seasons.
Personal: Self, Pets
About a quarter of consumers say they are likely to spend more on themselves over the Christmas and New Year seasons (27%). But around a third would either maintain the same level of spending on themselves (35%) or spend less (32%), while 6% of consumers do not intend to spend on themselves during this period.
One in nine consumers say they would spend more on their pets over the festive seasons (11%). On the other hand, more than one-third say they would maintain their spending on pets (36%), while close to a quarter plan to spend less (24%). About a third do not intend to spend on their pets during this period or do not have pets (34%).
Close relations: Family & relatives, Friends & partners
Three in ten consumers say they would spend more on their family and relatives over the Christmas and New Year seasons (30%). But close to two in five would maintain the same level of spending (38%), while a quarter would spend less (25%). Meanwhile, 8% would not make festive purchases for their family and relatives during this period.
A fifth of consumers say they are likely to spend more on their friends and partners over the festive seasons (20%). Comparatively, a third would spend the same as usual (34%) while almost three in ten would spend less during this period (29%). Notably, 16% would not spend on friends and partners during this period.
Extended relations: Clients & colleagues, Community
Only 9% of consumers say they are likely to spend more on clients and colleagues over the Christmas and New Year seasons. Close to three in ten would maintain the same level of spending (29%), while just under a quarter would reduce their spending on professional relations (24%) during this period. Notably, almost two in five would not make festive purchases for their clients and colleagues (39%).
15% of consumers say they intend to spend more on their community (e.g. charitable donations) than they usually would at other times of the year. Over two in five would maintain the same level of spending (43%), while almost three in ten would spend less than usual (29%). Meanwhile, 13% do not plan to spend on their community during this festive period.
What are Thais most likely to buy this Christmas and New Year, and are they planning to fund their festive purchases? Find out in our follow-up Part 2 article here.
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Methodology: YouGov RealTime Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on 17 November 2022, with a nationally representative sample of 2,057 adults in Thailand (aged 18+ years), using a questionnaire designed by YouGov. Data figures have been weighted by gender, age, region and monthly household income to be representative of the adult Thai online population (18 years or older), and reflect the latest National Statistical Office of Thailand (NSO) population estimates. Learn more about YouGov RealTime Omnibus.