Chinese investment boosts amulet trade in Bangkok’s Pantip Plaza
Thai amulet association reports a 30% drop in amulet sales in 2024
The amulet business in Bangkok’s Pantip Plaza is booming, with foreign investors, especially from China, driving the trade of Thai Buddhist amulets and sacred objects.
The market, once dominated by Thai collectors, has transformed into a major hub for Chinese investors, who have set up shop in the mall to cater to their fellow countrymen. Despite a slight downturn in sales, the market remains vibrant, with amulets still valued as valuable assets by collectors and traders alike.
According to Pisarn Techavipak, Vice President of the Thai Amulet and Buddha Statue Enthusiasts Association, the overall amulet market has seen a 30% drop in sales in 2024 compared to the booming years of 2019-2020.
“Despite the slowdown, the market is far from collapsing. Dedicated collectors continue to trade, and amulets remain valuable, with many seeing them as assets for long-term appreciation.”
The slowdown is attributed to global economic pressures, as amulets are non-essential luxury items aimed at those with disposable income.
With tightened budgets, consumers are less inclined to spend on these items, which has slowed circulation in the market. However, despite this, amulets remain a thriving business, especially among Chinese buyers who have been active in the market for decades.
Initially, Chinese traders relied on Thai intermediaries to source and authenticate amulets. However, many have now established their shops in Pantip Plaza, learning to differentiate between genuine and counterfeit items.
Today, around 20 to 30 shops on the third floor of the mall are owned by Chinese investors, selling new amulets and sacred coins, with many transactions conducted in Chinese yuan. The influx of Chinese investment has created a market shift, with younger investors, aged 20 to 30, transitioning from casual buyers to full-fledged traders and shop owners.
“Chinese investors initially entered the market as tourists or casual collectors,” said Natthapong Chavalratanasukul, a veteran amulet dealer. “But as they recognised the business potential, many moved into the trade, even producing their replicas or custom-made amulets.”
Pattaya, another hotspot for tourists and cultural products, has seen a rise in demand for Thai spiritual and cultural items, including amulets. The influx of Chinese tourists to the coastal city has helped create a secondary market for amulets outside of Bangkok, further benefiting from the growing investment in the sector, reported Pattaya Mail.
However, the increasing dominance of Chinese traders has sparked concerns. Some worry that Thai collectors may be sidelined as Chinese shops cater primarily to their community.
“Chinese traders prefer to buy amulets outright rather than resell quickly, which stabilises demand,” said Ton Tha Prachan, an amulet dealer at Pantip Plaza. “But if these Chinese shops disappear, the amulet economy in Pantip Plaza could lose much of its vibrancy.”
Despite concerns about overdominance, many insiders believe that cross-cultural devotion can help sustain the market.
“Faith transcends borders,” one source noted, highlighting how Chinese Buddhists venerate Thai amulets as part of their spiritual practice. This globalisation of amulet trading could ultimately keep the market alive and thriving, benefiting all involved.
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