Bangkok (VNA) – The Gold Traders Association (GTA) of Thailand forecast gold sales will rise by only 5% to 10% during the Lunar New Year Festival, which will start on January 22.
The Lunar New Year usually brings a gold rush in Thailand with consumers queuing at gold-shop counters seeking gifts for their loved ones.
However, GTA Vice President Pichaya Phisuthikul said this year, Chinese-Thai people will prefer to buy smaller trinkets weighing one or two salung, rather than one-baht pieces (one salung is 3.81 grams, or one-quarter of a baht).
He added that many gold consumers are still watching their spending as they have yet to pay off debts built up during the COVID-19 crisis.
Many gold shops have reopened after their business was severely hit during the pandemic, but some are still suffering staff shortages and many operators are unable to pay bonuses, he said.
Worachai Tangsitpakdee, director of the Chin Hua Heng chain of gold shops, also expects gold sales to rise during the festival.
However, he perceived that Chinese-Thais will prefer gold pendants or rings to large necklaces as people will be reluctant to spend big on gold amid the economic recovery./.
The Lunar New Year usually brings a gold rush in Thailand with consumers queuing at gold-shop counters seeking gifts for their loved ones.
However, GTA Vice President Pichaya Phisuthikul said this year, Chinese-Thai people will prefer to buy smaller trinkets weighing one or two salung, rather than one-baht pieces (one salung is 3.81 grams, or one-quarter of a baht).
He added that many gold consumers are still watching their spending as they have yet to pay off debts built up during the COVID-19 crisis.
Many gold shops have reopened after their business was severely hit during the pandemic, but some are still suffering staff shortages and many operators are unable to pay bonuses, he said.
Worachai Tangsitpakdee, director of the Chin Hua Heng chain of gold shops, also expects gold sales to rise during the festival.
However, he perceived that Chinese-Thais will prefer gold pendants or rings to large necklaces as people will be reluctant to spend big on gold amid the economic recovery./.
VNA
