Thai economy may revive after ‘mourning’

Bloomberg

The distributor of Nike Inc.’s Converse brand in Thailand is hopeful of a revival in consumer spending once a yearlong mourning period for King Bhumibol Adulyadej ends on October 29.
Whether Rich Sport Pcl Chief Executive Officer Papitch Wongpaitoonpiya is proved right will help to determine the strength of a rebound in the Thai economy, since household consumption is worth about half the country’s $407 billion gross domestic product. Spending has been subdued amid grieving for the monarch, most visibly in a preference for monochrome clothing.
“Almost all retailers are highly optimistic consumer spending will finally recover after October,” Papitch said in an interview. “It’s been a gloomy environment for the retail sector, especially clothing. It’s been very hard to sell products in colors other than black and white. That’s understandable, as the whole country has been in grief.” The mourning period for Bhumibol, who died October 13 last year, will conclude after a five-day, $90 million cremation ceremony that starts on Wednesday and is expected to bring Bangkok to a standstill.