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For the Thai mooncake industry, 2021 will be another challenging year
.
As the epidemic has not yet eased and is more serious than last year, the purchasing power of Thai consumers is still fragile, which is bound to affect consumers' decision to buy mooncakes
.
In addition, mooncakes are commodities for the festival, and their prices are relatively high, which has become its limitation.
Therefore, it is expected that the sales of mooncakes during the Mid-Autumn Festival this year will not be able to restore the enthusiasm of previous years
.
An important challenge factor for the Thai mooncake industry this year is still the weak consumer purchasing power
.
Although the operators have made adjustments to formulate product marketing strategies that are not limited to festivals, such as launching sales 2-3 months in advance and continuing sales after the festival to maintain the annual consumption rate, but in the face of the epidemic, after entering the second year Not only has it not yet eased the situation, but it is also more serious than last year.
Operators have lowered their production capacity to suit the current market conditions in which consumers, including the mass market and high-end markets, tend to reduce their purchases
.
.
Although the operators have made adjustments to formulate product marketing strategies that are not limited to festivals, such as launching sales 2-3 months in advance and continuing sales after the festival to maintain the annual consumption rate, but in the face of the epidemic, after entering the second year Not only has it not yet eased the situation, but it is also more serious than last year.
Operators have lowered their production capacity to suit the current market conditions in which consumers, including the mass market and high-end markets, tend to reduce their purchases
.
The mass market that accounts for about 60% of the Thai market value is the traditional market for moon cakes, including customers who buy moon cakes for sacrifice and self-eating, and customers who buy moon cakes for gifts at a mid-range price
.
Usually this customer group buys a small amount each time.
It is expected that this year will reduce the purchase amount and only purchase the necessary quantity, because this group is more affected by the economic downturn than the high-end market for high-purchasing customers who regard price as a secondary factor.
Big
.
The high purchasing power customer group buys moon cakes for self-food and feeds them to the elders, but due to the economic downturn, this customer group has also narrowed the scope of gifts
.
In addition, the number of moon cakes purchased by other customer groups such as foreign tourists also tends to decrease significantly
.
The reduction in purchases by various customer groups has led to this year's moon cake sales continuing the shrinking trend of last year
.
.
Usually this customer group buys a small amount each time.
It is expected that this year will reduce the purchase amount and only purchase the necessary quantity, because this group is more affected by the economic downturn than the high-end market for high-purchasing customers who regard price as a secondary factor.
Big
.
The high purchasing power customer group buys moon cakes for self-food and feeds them to the elders, but due to the economic downturn, this customer group has also narrowed the scope of gifts
.
In addition, the number of moon cakes purchased by other customer groups such as foreign tourists also tends to decrease significantly
.
The reduction in purchases by various customer groups has led to this year's moon cake sales continuing the shrinking trend of last year
.
In addition, the rising prices of raw materials such as grains, flour, fruits, and vegetable oils, the selection of more expensive high-quality raw materials (usually imported), and the development of various novel packaging designs to create new selling points will push up the production costs of operators.
Promote this year's moon cakes, especially high-end moon cakes produced by hotels, restaurants, cafes/bakery prices tend to rise
.
The selling price of high-end mooncakes tends to increase by 5%-30%, depending on the net weight and packaging of the mooncakes
.
Most of the mid-to-low-end mooncakes are sold at the same price as the previous year.
This is due to the fact that operators try their best to manage costs to keep prices unchanged, thereby maintaining their customer base
.
Maintaining price stability despite rising costs is another challenge for mass market mooncake operators this year
.
Promote this year's moon cakes, especially high-end moon cakes produced by hotels, restaurants, cafes/bakery prices tend to rise
.
The selling price of high-end mooncakes tends to increase by 5%-30%, depending on the net weight and packaging of the mooncakes
.
Most of the mid-to-low-end mooncakes are sold at the same price as the previous year.
This is due to the fact that operators try their best to manage costs to keep prices unchanged, thereby maintaining their customer base
.
Maintaining price stability despite rising costs is another challenge for mass market mooncake operators this year
.
Another issue worthy of attention this year is that new operators, especially small-scale bakery and catering operators, provide diversified products and can catch popular trends, including attracting customers by using key selling points such as store visibility and socializing.
Marketing through online channels such as the media makes it easier to attract a new generation of consumers who are interested in buying mooncakes and prefer to try new ones
.
At the same time, consumers have more choices, which also reflects the increasingly fierce market competition
.
Marketing through online channels such as the media makes it easier to attract a new generation of consumers who are interested in buying mooncakes and prefer to try new ones
.
At the same time, consumers have more choices, which also reflects the increasingly fierce market competition
.
Affected by the epidemic, the purchasing power of consumers, especially the mass customer base of high-end customers, and market competition is intensified due to the addition of new operators, the Kaitai Research Center estimates that the total value of the Thai Mid-Autumn Mooncake market in 2021 will be approximately 755 million baht , The contraction narrowed from 15.
8% in 2020 to 5.
7%
.
8% in 2020 to 5.
7%
.
In the face of market conditions that are not conducive to consumers, shrinking purchasing power, reduced brand loyalty, and increasing raw material costs, efficient production cost management and corresponding capacity planning are important
.
At the same time, launching new selling points is also a strategy for developing diversified products and services, which will impress customers and help increase corporate profits to make up for part of the increased costs
.
In addition to the development of packaging design, flavors and fillings, the operators also add specific consumer groups such as vegetarian consumers and consumers who pay attention to health, nutrition, calorie control, random purchase or choose/order ingredients according to their needs.
This is a new marketing strategy that deepens consumers’ impression, creates product value and attracts consumers to pay higher prices
.
In addition, operators also expand Omni-Channel or sales channels in cooperation with business partners to distribute products to consumers
.
.
At the same time, launching new selling points is also a strategy for developing diversified products and services, which will impress customers and help increase corporate profits to make up for part of the increased costs
.
In addition to the development of packaging design, flavors and fillings, the operators also add specific consumer groups such as vegetarian consumers and consumers who pay attention to health, nutrition, calorie control, random purchase or choose/order ingredients according to their needs.
This is a new marketing strategy that deepens consumers’ impression, creates product value and attracts consumers to pay higher prices
.
In addition, operators also expand Omni-Channel or sales channels in cooperation with business partners to distribute products to consumers
.
