Thailand, the Land of Golden Temples, is not only famous for its beautiful landscapes or vibrant street food, but is also the center of a unique and powerful industry: the amulet industry.
Dubbed the “Mutelu” economy, this fusion of ancient belief and modern business has created the world’s largest amulet market, with an estimated turnover of 40 billion baht ($1.26 billion) a year. It is a vivid example of how faith can drive economic growth, attracting millions of visitors seeking luck and peace.
Thailand has the world's largest amulet market, attracting foreign tourists, especially Chinese, to seek luck.
Thailand’s “mutelu” economy is a broad concept that encompasses not only Buddhist charms and amulets, but also forms of divination, feng shui items and products related to spiritual beliefs. The industry’s strength comes from the deep faith of the local people – with around 70% of Thais said to wear amulets – and the strong interest from international tourists, particularly from China, Japan, Korea, India and Europe.
From the bustling markets of Chiang Rai, the ancient temples of Phitsanulok, to the Big Buddha Hill in Pattaya, this industry has transformed Thailand into a global hub for spiritual tourism and commerce. It is not simply about buying and selling items, but also a cultural exchange where visitors can immerse themselves in the spiritual space, learn the stories and philosophies behind each item.
Thailand's amulet industry, known as the "Mutelu" economy, combines ancient beliefs with modern business, creating the world's largest amulet market.
Amulets, small, intricately crafted charms, are at the heart of the Mutelu economy. Thais revere these amulets out of a strong belief that they bring blessings, protection from evil, attract wealth, improve health, or bring success in business and life. In addition to their deep religious significance, these items are also living symbols of Thailand’s cultural heritage, showcasing the craftsmanship of sculpture, carving, and spiritual architecture.
In particular, the image of the Blindfolded Buddha (Phra Pidta Amulets), also known as the Face-Shielded Buddha or the Face-Shielded Buddha, is a spiritual treasure sought after by many people. "Pidta" in Thai means the act of covering the face with the hands, describing the image of the Buddha statue covering the senses with both hands. Thai people explain the meaning of the Blindfolded Buddha in three aspects: seeing no evil, hearing no evil, and speaking no evil.
Thai people and tourists believe that these amulets can help them have peace and luck.
This helps practitioners not to be dominated by greed, hatred, attachment, thereby moving towards the path of liberation. People believe that when carrying the Blind Buddha with them, bad luck will turn into good luck, disasters will be resolved, and the owner will receive good luck, improved health, a prosperous and wealthy life. In addition, the golden boy Kuman Thong is also one of the famous magical items, sought by many tourists to pray for luck and peace.
The appeal of the Mutelu industry is most evident in major trading centers. At Big Buddha Hill (Khao Phra Yai) in Pattaya, thousands of tourists from China, Japan, Korea, India and Europe flock to pay homage to the Phra Buddha Sukhothai Walai Chonlatharn statue and buy amulets as souvenirs or for good luck. In Bangkok, Tha Prachan Market near the Chao Phraya River is known as the world’s largest amulet center, where amulets are sold in neat stalls or in messy plastic baskets, catering to everyone from collectors to those seeking spiritual connection.
Foreign tourists are fascinated not only by the appearance of the amulets but also by the story and meaning behind each item.
The "Mutelu" market is also constantly innovating, with many products designed specifically for women such as Phaya Naga symbols, fabric amulets, jewelry, cosmetics. These products are often affordable, around 300 - 1,000 baht (equivalent to 10 - 30 USD), helping to reach a diverse customer base. At Tha Prachan market, amulets can range in price from 30 baht (1 USD) for popular items, to millions of baht for ancient and rare amulets. Typically, the Phra Somdej amulet from the 19th century of monk Phra Somdej To, can be valued at up to 15 million baht (500,000 USD) due to its longevity and sacred origin. A Phra Somdej amulet was even purchased by Thai-Chinese billionaire Vichai Srivaddhanaprabha for 100 million baht (3.2 million USD), said to be the most expensive amulet ever sold in Thailand.
The Mutelu market continues to grow thanks to the attraction and power of digital technology.
The Mutelu industry is growing rapidly, with many young entrepreneurs (20-30 years old) using social media and livestreaming to expand their market globally. Products are also increasingly diverse, from traditional amulets to domestic and international pilgrimage tours. According to the Thai Chamber of Commerce, the Mutelu industry is expected to generate 1-1.5 billion baht in revenue in 2025, up more than 10% from the previous year, affirming its role as an important economic driver.
Thailand's 'Mutelu' Economy Shows How Traditional Beliefs Fuel Modern Economic Growth
However, in addition to the great prospects, the industry also faces a significant challenge from the problem of fake amulets. This is a major concern, especially for foreign tourists, especially Chinese tourists, who are easily tricked into buying cheap amulets advertised as rare antiques. In response to this situation, Oramon Sapthaweetham, Director General of the Department of Business Development (DBD), has encouraged entrepreneurs to register legal entities to enhance their credibility and warned investors to research the market carefully. DBD also provides free training courses on e-commerce, accounting and taxation to support businesses in the industry.
Thailand’s “Mutelu” economy is a prime example of how traditional beliefs can fuel modern economic growth, transforming a cultural aspect into a billion-dollar industry. Despite issues such as counterfeit amulets, the fusion of art, religion, and economics in the Thai amulet industry continues to conquer the world, cementing Thailand’s position as a leading global spiritual and tourist hub.
