Video - Thailands Luxury Market

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Thailands Luxury Market

It's not just any downtown Bangkok market, it's "The Market of the Formerly Rich". That refers to merchants who say they feel burdened with the excessive luxury goods they own and want to cash in their valuables. The surplus assets of Thailand's rich are put on sale in an indoor bazaar setting, operating out of a Mercedes-Benz showroom. Goods, ranging from golf clubs to used jewelry, high-end watches to antique enamelware are on offer. Even plots of land and property are up for sale for those looking for larger purchases. Most dealers say they are not severely affected by the economic crisis, but see the unique market as a way to make some extra cash. The market was started by Wasant Pothipimpanon, a Mercedes-Benz dealer, in 1997, when Thailand was hardest hit by the Asian economic crisis in the region. It was in business for just one year and re-opened in August this year due to calls from merchants looking to make some quick cash. [Wasant Pothipimpanon, Market Founder]: "Actually, banks should be a mechanism to boost up the consumption, but this time it's not working, as the banks are afraid to release loans that will become bad credit. So everyone is stuck." Thailand's finance minister Korn Jatikavanij said that the country's economy would grow about 2 percent in the third quarter. [Korn Jatikavanij, Thai Finance Minister]: "All indicators really exports have picked up and that's leading to an improvement in domestic confidence, domestic consumption. Investment ...

NTD, News, Thailand, Bangkok, Economy, Market, Mercedes-Benz, Asia, Economic crisis, Korn Jatikavanji



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