Bangkok – Kasikorn Research Center has forecast that Bangkok residents will spend up to 29.6 billion baht over the New Year holidays, a 4% increase from the same period last year.

Up to 75% of Bangkokians are expected to shop for goods and services at malls, followed by discount stores and general souvenir shops, suggesting that brick-and-mortar stores still meet the needs of most consumers in the capital.

The New Year holidays are an important commercial period for retail stores, especially as malls have begun to feel the pinch of online competition. One strategy to bring customers back to stores is to focus on providing a unique shopping experience.

Despite the expected increase in consumer spending this year, shoppers remain cautious due to rising household debt and living costs.