Chinese New Year typically is big business for Pattaya gold shops. But 2021 is not a typical year.
Banjong Banthoonprayuk, owner of Thongdee Yaowarat and chairman of Pattaya Gold Shop Enterprises Club, said gold prices have fallen from a recent high of 28,000 per baht weight to 25,900. In addition, shops are seeing only ten percent of normal business.
The economic fallout from the coronavirus pandemic has caused everyone to cut spending drastically. Additionally, normal Chinese New Year events drawing tourists to Pattaya have been curtailed, meaning fewer buyers purchasing gold as gifts.
Chinese New Year spending cuts have hit other traditional products like baskets, gold and silver buckets, incense and firecrackers, with vendors reporting declines of up to 70 percent.
