A street vendor sells goods to protesters near Ratchaprasong intersection on Jan. 15, 2014. Photo: Kajonsak Intarapong.
Consumer confidence is falling, as is the baht. Malls are packed, street vendors are overwhelmed. Reading the headlines, it’s difficult to assess the overall economic impact of the “Bangkok Shutdown” now in day four.
Ultimately, it seems to depend on whom you ask.
For example, street vendors are cashing in on huge business, according to this report from The Nation:
Despite much uncertainty over the country’s political and economic situation, the “Bangkok shutdown” led by the People’s Democratic Reform Committee (PDRC) has created business opportunities for small vendors seeking to cash in on the huge number of protesters out on the city’s streets.
The PDRC’s anti-government demonstration has not only attracted a huge number of supporters, but also turned the colours and image of the national flag into the centrepiece of popular fashion items among many Thais.
Kattiya Thanasilapachai, 25, has temporarily changed her business from selling fishing equipment at a shop on Buddhamonthon Sai 2 to a small street-side stall selling whistles and accessories with the colours of the Thai flag at the massive demonstration being held at Victory Monument.
“We have purchased whistles and accessories, such as wrist and hair bands, from Sampeng Market and decorated them with Thai flag ribbons. We have invested more than Bt10,000 in these art and hand-made items, and expect to achieve Bt20,000 in earnings,” she said.
Meanwhile other sectors – particularly those servicing business and travel visitors – are seeing red. For example, events hosts such as major hotels are facing a slate of cancelations and postponements, according to industry news site Meetpie.com:
Conferences have been cancelled across the Thai capital as anti-government protesters have set up barricades and occupied key road junctions in a bid to pressure Prime Minister Yingluck Shinawatra to step down.
Suwat Jirahswakedilok, executive director of Bangkok-based DMC Oriental Events, said: “This crisis has completely increased fears among people in every sector – especially those in the MICE industry, including those buyers from abroad.
“The political instability of the destination means no business. We expect a 50 per cent drop compared with Q1 of 2013. If it prolongs, the next quarter and the third quarter will be even more of a disaster because this is not the first time for this crisis, but the fourth time in seven years.
