The cabinet is set to consider extending the “Thai Chuay Thai Plus” co-payment scheme on Tuesday. Local wholesalers and retailers are backing the extension.
Milin Veraratanaroj, chairman of Tang Ngee Soon Superstore, one of the largest traditional wholesale chains in Udon Thani province, said the extension of the scheme is necessary, describing it as a “painkiller” during tough economic times.
He noted that customers are cautious about their spending. The Thai Chuay Thai Plus scheme has helped prevent sales at various retail brands from falling further, rather than directly boosting sales.
With the ongoing conflict in the Middle East and high risks around the Strait of Hormuz and Bab el-Mandeb, he urged the government to provide clearer economic direction if the conflict escalates.
Ekkapong Chokchaiwitut, president of the Krabi Chamber of Commerce, also supports continuing the scheme.
He said the measure is a relief package to address the country’s current economic difficulties, including the impact of high energy prices.
He noted that Thai consumers are now more cautious about spending.
“Without the Thai Chuay Thai Plus scheme, I believe businesses would be in a worse situation,” Mr Ekkapong said.
He said the scheme helps boost small restaurants and retailers.
He observed that consumers tend to use the benefit at the beginning of the month, with spending dropping towards the end of the month.
Mr Ekkapong, who is also chief executive of MAI-listed Mother Marketing, operator of the Mother Supermarket chain in southern Thailand, added that the company is not eligible to participate in the scheme.
However, the company benefits from small retailers who buy goods in bulk from its stores.
Regarding the outlook for businesses in Krabi in the fourth quarter, he said forward hotel bookings in the province are rising, reflecting positive signs for the local tourism sector.
If the government approves an extension of the Thai Chuay Thai Plus scheme, it would further stimulate the market.