Faith, fortune, and fate: Thailand's booming 'Mutelu' economy

His remark highlighted a new economic phenomenon gaining traction in Chiang Rai, one that combines ancient beliefs with modern entrepreneurship. Welcome to the world of "Mutelu", where faith, fortune and fate combine to conjure a thriving industry that has captured the imagination of both locals and tourists.

The trip is part of the DBD project, which aims to meet with local entrepreneurs across the country to explore potential community business opportunities and how DBD can help them grow and become more efficient.  

The latest visit was from August 23-25 to Chiang Rai, where the department looked into the region's vibrant business landscape, with a particular emphasis on the growing amulet and “Muketing” (faith-related products) markets.

As vice president of the Chiang Rai Amulet Club and the founder of Koohoo Duo Don Pon Limited Partnership, Noppadon said that Thailand's amulets and talisman market was a large opportunity that was constantly expanding, with a steady stream of customers stopping by. Nowadays, customers are not only the elderly, but also the younger generation, who are either interested in collecting them or see it as a way to make a living for themselves.

Kiattisak Jakkian, or Pon, a co-founder, added that when combined with systematic marketing, dependable logistics, comprehensive after-sales services, and trusted products, the amulets business can generate hundreds of thousands of dollars per year. 

The majority of his customers are Thais, but the international clientele has seen significant growth as well. 

“China is probably our biggest market. Customers from China frequently conduct transactions via WeChat, but they still rely on Thai standards for authenticity. Thailand has become the global hub for these beliefs," Kiattisak stated. 

This international appeal is evident in Chiang Rai's markets, where foreign tourists eagerly purchase “Mutelu” products. The trend has sparked growth in related businesses, from picture framing and photography to gemstone trading.

They are just one success story in this rapidly growing industry. Koohoo Duo Don Pon Limited Partnership is a well-known amulet shop that began at Bangkok's Pantip Ngamwongwan Department Store and has since expanded to Chiang Rai. The shop's owner, a member of a new generation of entrepreneurs, started the business out of passion, demonstrating how a personal interest can blossom into a successful business.

"The 'Mutelu' market has shifted dramatically in recent years. It's no longer dominated by amulets for men. Now, we're seeing a surge in products aimed at women – Phaya Naga symbols, cloth amulets, jewellery, cosmetics, and more. These items are more accessible, with prices ranging from 300 to 1,000 baht, making them easy impulse purchases," Noppadon said. 

 

 

The rise of 'Mutelu' and 'Muketing'
“Mutelu”, a term derived from an Indonesian horror film, encompasses a wide range of belief-related products and services, from amulets and talismans to fortune-telling and astrology. This fusion of Buddhist, Brahmanist, animist, and occult beliefs has become a powerhouse in Thailand's economy, with the DBD reporting 154 registered “Mutelu” businesses as of July 2024.

Oramon Sapthaweetham, director-general of the DBD, said that Chiang Rai's rich cultural heritage and strong belief systems provide a fertile ground for entrepreneurs to start successful businesses. As consumers seek products that reflect their spiritual beliefs, she observed that Chiang Rai entrepreneurs have capitalised on this trend by offering a diverse range of amulet and Muketing products.

According to a study conducted by the Thai Chamber of Commerce, the Muketing sector is growing rapidly. It is estimated that the 'Mu' business will generate between 1 billion to 1.5 billion baht this year, with a 10-20% increase. Among the 'Mu' products, the most popular ones are sacred wallpaper for smartphones, daily accessories such as decorations, bags, and clothes, auspicious mobile numbers, cosmetics containing blessing substances, and jewellery. 

Meanwhile, DBD data showed that in 2023, these businesses earned 227.89 million baht, a staggering 52.92% increase over the previous year.

 

The new face of faith
The “Mutelu” industry is not just growing, it's evolving. The entrepreneurs of today are often young adults aged 20-30, armed with marketing knowledge and social media savvy. 

They have expanded the market through live broadcasts and online sales, reaching a global audience.

The industry has also diversified beyond traditional products.

"We're seeing organised tours to pay homage to holy sites, both domestically and abroad," Oramon noted. "Businesses selling talismans and lucky items are flourishing. The key is to find a sustainable path that aligns with Thai society's enduring beliefs."

 

Caution amidst the boom
While the Department of Business Development encourages “Mutelu” entrepreneurs to register as legal entities to gain credibility, Oramon cautions them. "Potential investors must study the market thoroughly and learn from experienced operators to mitigate risks," she said.

She added that local entrepreneurs, not just in the “Muketing” sector, require some digital training courses such as e-commerce, accounting, and taxes, which DBD already offers for free in collaboration with related agencies. 

"We have to raise more awareness on this training while continuing to meet with them [local entrepreneurs] to see what they lack or where they need improvement," she noted.

Meanwhile, Noppadon emphasised that the sector urgently needed government intervention to improve the certification system, to ensure product authenticity.

"We would like to have one government agency to take responsibility in issuing certification and set the market price standards," he said.

As Thailand's “Mutelu” economy continues to thrive, it offers a fascinating glimpse into how traditional beliefs can fuel modern economic growth. In the Land of Smiles, it seems that faith, entrepreneurship, and economic prosperity have found a harmonious balance, creating a unique industry that's capturing hearts, minds, and wallets across the globe.