Thai retail and property developer Central Pattana Plc (CPN), together with Central Department Store Co Ltd (CDS) under Central Retail, is launching a 500 million baht Chinese New Year promotional campaign.
Dubbed “The Great Chinese New Year,” the initiative kicked off on January 7 and will continue through February 6 at Central shopping malls and department stores across Thailand, including Esplanade Ratchada.
Nattakit Tangpoonsinthana, the chief marketing officer at CPN, mentioned that the campaign is designed to deliver memorable experiences throughout the country, highlighted by the “Red Lantern Festival,” a symbol of good fortune and prosperous beginnings.
At CPN malls, visitors can experience Chinese cultural performances and explore 38 Chinese New Year markets that offer lucky items and foods, complemented by attractive promotions.
The event is distinguished by meticulously handcrafted lanterns that capture the authentic local spirit of the season, especially evident in regional shopping centers like Central Nakhon Sawan and Central Nakhon Pathom.
According to Mr. Nattakit, when paired with the government’s Easy E-Receipt 2.0 tax deduction scheme, the campaign is expected to produce over 15 billion baht in revenue and enhance foot traffic in CPN malls by 25-30% nationally during the promotion, compared to typical periods.
Rvisra Chirathivat, chief marketing officer at CDS, noted that the promotional offers will attract tourists and be available until February 6 at all Central Department Stores.
“We anticipate that this year’s Chinese New Year campaign, coupled with the Easy E-receipt scheme, will enhance customer traffic at Central Department Stores by 20% year-on-year and boost sales by 10% year-on-year,” she said.
Mr. Nattakit is optimistic that governmental economic stimulus initiatives will bolster retail sentiment in the first quarter of the year.
The firm expects a rise in visits from international tourists, particularly in major tourist destinations like Chiang Mai, Phuket, Pattaya, and Samui.
Currently, foreign tourists account for 45% of the visitor base at CentralWorld, an increase from about 30% in 2019, with the majority hailing from other parts of Asia.
Mr. Nattakit pointed out that factors such as rising household debt, which might curb consumer spending, and the ongoing US-China trade conflict are critical considerations for the retail sector this year.
“Central Pattana focuses on attracting middle to high-income customers, so any decrease in spending power among some segments may not significantly impact our business,” Mr. Nattakit said.
