Soggy sentiment expected for Valentine's Day
Play
The impact of the severe flooding last year will continue to dampen consumer sentiment for Valentine's Day, according to a survey.
Spending for this Valentine’s Day will show the slowest expansion in six years at only 5 per cent to Bt2.79 billion, compared with annual growth of 5.35-15.09 per cent since 2008.
Thanavath Phonvichai, director of the University of the Thai Chamber of Commerce’s Economic and Business Forecasting Centre, said yesterday that people were expected to spend less than usual because of weak confidence in the economy due to the flood and higher prices.
Only teenagers and young adults consider Valentine’s Day important, so spending on this occasion will not be as much as for other festivals, he said.
Based on 1,206 responses, the university’s survey found that consumers would spend an average of Bt1,348 on love-festival activities. People aged 15-29 are likely to pay more, while those 30-39 will tend to save money on high concerns for the economy.
This year February 14 falls on a weekday, Tuesday, which will not stimulate spending, while the aftermath of the floods and worries about future income will force consumers to tighten their belts and cut spending on luxury items. All purchases for the festivities should soften from last year, such as gifts, flowers, chocolates, dining and movies.
Higher outlays this year were not due to shopping sprees but to rising prices for Valentine’s Day products – the major factor. Sources for their spending are expected to be savings at 47 per cent, salaries at 40.7 per cent, parents at 6.9 per cent and bonuses at 5.4 per cent.
Respondents also believe the day will lead to problems of sexual relations among teenagers. They also think it will be an excuse for merchants to hike prices.
