Latest news with #Milin
Bangkok Post
6 days ago
- Business
- Bangkok Post
Retailers seeking revival of co-payment scheme
Retail operators note that the first half of the year has been quite challenging, with some believing the negative factors will continue to impact the second half. In light of this, they are calling for a co-payment scheme to help improve market sentiment in the latter half of the year. The sluggish economy, coupled with geopolitical uncertainties, both at a regional level, such as the Thai-Cambodian border spat, and the global level, sullied the mood of shoppers in the first half of 2025, said Milin Veraratanaroj, chairman of Tang Ngee Soon Superstore, one of the largest traditional wholesale chains in Udon Thani. Despite many people having a regular, unchanged level of income, these uncertainties impacted the psychology of shoppers, leading to caution among shoppers who placed a greater priority on saving. This behaviour and the stagnant economy hampered the retail sector in the Northeast in the first half of the year. Mr Milin said his company experienced a 10% year-on-year drop in sales in the first half and said he anticipated that the second half would be worse. With protracted domestic political uncertainty, coupled with the renewed border conflict with Cambodia and a lethargic business sector, he expects the gloomy outlook to linger and consumers to continue tightening their belts. Mr Milin fears that the holding back on spending will expand to the business sector, which will deepen the impact on the economy. Ekkapong Chokchaiwitut, chief executive of Mother Marketing Plc, operator of Mother Supermarket and Mother Marché in Krabi and Surat Thani, observed a drop in the retail sector in the second quarter. However, he is quite optimistic about the second half. He said the retail sector is closely aligned with the tourism industry in the area and he believes the tourism sector will recover. "I believe that the tourism sector in the area will recover in the second half of this year as the country enters its high season," said Mr Ekkapong. Despite the decrease in Chinese travellers, he said that Krabi is favoured mainly by European holidaymakers. He added that the "Tiew Thai Khon La Khrueng" travel campaign is also boosting the tourism sector and market sentiment in the area. Thais who registered for the campaign will get subsidies up to 50% of accommodation costs, capped at 3,000 baht per night for up to five nights. Regarding the government's 10,000-baht cash handout scheme, which was distributed to vulnerable groups and the elderly from last year to earlier this year, Mr Ekkapong said the business barely saw an impact from the scheme. To boost the retail sector during this challenging time, Mr Milin and Mr Ekkapong both said they would like to see the reintroduction of the "Khon La Krueng" co-payment scheme. The scheme subsidised 50% of the cost of food, beverages and general goods for participants, with a daily subsidy limit of 150 baht per person.
Malay Mail
06-05-2025
- Business
- Malay Mail
More pets, fewer kids: Thailand's pet economy purrs as birth rates slide
Thai millennials are turning to pets instead of having children. Cats are the top pet choice, with rising interest in rabbits and squirrels. Baby product sales, like diapers, are down; pet spending is up, valued at 75 billion baht. Spending is growing outside Bangkok, boosted by tourism. BANGKOK, May 6 — More and more young Thais are opting for pets over parenthood – and cats have become a clear favourite. Milin Veraratanaroj, chairman of Tang Ngee Soon Superstore in Udon Thani, has seen it first-hand and said there's been a clear drop in interest in having children since the pandemic began, highlighting a shift in sales of baby products, especially formula and diapers, The Bangkok Post reported today. 'Diaper sales dropped by roughly 20-30 per cent in the first quarter of 2025 year-on-year,' he was quoted as saying. Young people are increasingly seeing kids as expensive, and instead are choosing dogs, cats, rabbits and even squirrels, he said. To Milin, Thailand's shrinking birth rate could hurt its economy in the long run. Thailand's population has been falling steadily since 2020, according to the Bureau of Registration Administration. Official government data noted the Thai population stood at about 66 million at the end of 2024, with some 462,000 births but more than 571,000 deaths. In just the first quarter of 2025, fewer than 100,000 babies were born — while over 147,000 people died. It's a a bleak trend for baby goods, but a boost for the pet economy. Pets and their owners sit inside a Thai movie theatre at Samut Prakan on June 10, 2023. — AFP pic Pet boom Poolperm Thongcharoenpoolporn, chief financial officer of Thonglor Pet Hospital Co Ltd, told The Bangkok Post that the pet sector is booming – and will keep growing. 'Many Thais treat their pets as family members, fuelling a demand for personalised pet products, such as breed-specific food options,' he was quoted as saying. He expects the pet industry to grow at a single-digit pace this year. According to ttb analytics, a company linked to Thai financial institution TMBThanachart, country's pet industry was worth 75 billion baht in 2024. While some may cut back on non-essentials like fancy accessories, overall business sentiment hasn't dragged the market down. Thonglor Pet Hospital serves mid- to high-income customers, and demand remains steady. Poolperm also noted pet spending is picking up outside Bangkok, attributing it to burgeoning regional tourism. 'We're seeing more foreign customers, as well as locals involved in tourism-related businesses. The tourism revival appears to be lifting spending in these areas,' he was quoted as saying. He believes the trend of raising pets instead of children will continue. Spending habits may vary, but the emotional bond people form with their pets is strong. During the Covid-19 pandemic, pet demand spiked in Thailand, but adoption rates have since stabilised. Cats remain the favourite for new pet owners as they are thought to be suited to small spaces like condominiums, according to The Bangkok Post, which also noted emerging concern about pet food supply potentially outpacing demand. 'Unlike dogs, cats don't require outdoor walks or regular exercise,' said Poolperm. He's also seeing more Thais taking a liking to rabbits and squirrels.
