absolutelyBangkok archive · Money & Shopping
Originally published July 1, 2008
Just had an eye-opener phone call. Was talking to a friend that the rising prices start taking a toll. That I’m thinking twice before driving upcountry with these gas prices. He, laughing: “Those gas prices don’t affect people like us, don’t they.”
I was lost for words for a second. Those prices do affect me. They not only bother me, they affect me. Or is it a badge of the affluent here to not bother about anything with a price tag attached?
Showing off with high prices has some roots here among Bangkok’s rich, newly rich and wannabe rich. Told me a retailer some time ago that certain products he can only sell with a hefty price tag. Otherwise the bag or sunglasses not only look cheap, they are cheap.
I remember the times before the financial crisis of 1997. You couldn’t find used car dealers in Thailand, let alone discount stores. Everybody was driving a new car and discounts seemed to bringing shame on oneself.
Today, even if you’re looking for discounts, some have become unimaginable. After the outbreak of Sars you could fly for a few hundred dollars to Europe or the U.S. A ticket today costs you an arm and a leg.
An inbound tourism operator here in Bangkok was just lamenting to me about the consequences. “Not good,” his words. Bookings from overseas are down, major airlines cut capacities.
And this is only the beginning of the new inflationary crisis — if the oil price doesn’t give in. The next buzz words will be stagnation and recession.
No Thaksin could become a hero of the poor in such an environment. His timing back then was just perfect.
Or the rising prices leave you cold? Just play three wise monkeys?
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