Meagre growth in NY spending
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Spending of Thai consumers during the New Year festival is projected to grow only 2.78 per cent compared to the same period last year to Bt91.52 billion, due to weak sentiment in the aftermath of floods.
The University of the Thai Chamber of Commerce's survey covering 1,113 respondents showed Thai consumer spending will expand the least in six years since 2007.
Normally spending during the special festival should be two times higher than the country's economic growth rate. This year, economic growth rate is expected to be 1.4 per cent, due to huge contraction in the fourth quarter.
People have tended to spending less on luxurious goods during this season, while there would be an increase in spending on travelling and durable goods purchases, said the UTCC's vice president Saowanee Thairungroj.
Meanwhile, the survey showed Thais gave 5.9 points out of 10 for the Yingluck government's performance in the past months.
