National —
On July 20th, 2024, big CEOs from famous Thai food and drink industries commented on the current Thai government’s flagship policy “10,000-baht digital wallet scheme” as a potential economic stimulation.
Mr. Nath Vongphanich, the CEO of Central Restaurant Group (CRG), announced that the vibrant tourism sector is driving restaurant business growth in 2024. However, overall economic conditions and purchasing power remain weak. If the government implements the 10,000-baht digital wallet scheme in Q4, it could boost restaurant spending by at least 5%. CRG is preparing for this potential increase.
Nath also urged the government to delay planned electricity and wage hikes in Q4, as CRG’s monthly electricity costs amount to 50 million baht across its 1,000 branches.
Ms. Naphat Morintorn, the CEO of Chao Sua Foods Industry, noted that domestic purchasing power is slow but adaptable strategies and increased international marketing have kept sales up. The company anticipates the digital wallet scheme will stimulate Q4 sales and is planning new products and promotions accordingly.
Mr. Tan Passakornnatee, the CEO of Ichitan Group, acknowledged the economic downturn over the past 1-2 years, citing household debt and rising costs. He remains optimistic that the digital wallet initiative will particularly benefit rural markets.
This article originally appeared on our sister website The Pattaya News.
