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