SMEs in Bangkok’s Wat Pho Area Face Profit Declines Amid Consumer Spending Drop and Slowing Tourism
Small and medium-sized enterprises (SMEs) in the Wat Pho district of Bangkok are seeing declining profits due to diminished consumer spending and a slowdown in tourism, especially from Chinese visitors.
Major concerns include reduced purchasing power, rising costs of raw materials, and high fees imposed by delivery platforms. SMEs are urging the government to intervene promptly with short-term stimulus measures similar to the ‘Kon La Krueng’ scheme and to negotiate with delivery services to lower platform fees.
Additionally, souvenir vendors are worried about the influx of low-quality foreign products undermining tourist confidence and damaging the reputation of Thai souvenirs. They are calling for stronger government action against substandard goods and increased efforts to promote tourism.
The Department of Business Development has pledged to formulate comprehensive support strategies grounded in these concerns, emphasizing cross-agency collaboration and encouraging entrepreneurs to adopt innovative technologies to enhance efficiency.