Loy Krathong spending forecast highest in 7 yrs
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Thai revellers are expected to spend a total of Bt10.3 billion, the highest amount ever in 7 years, according to a poll by the University of Thai Chamber of Commerce.
The spending shows an increase of 27.2 per cent from the same period last year. The festival is scheduled for Nov 28.
"The festival should be more vibrant than last year, when the country witnessed flood disaster," said Thanavath Phonvichai, director of the research unit. "Our survey shows that 62.3 per cent of respondents will join the festival."
The huge spending is expected to boost Thailand's economy by 0.3-0.4 percentage point in the fourth quarter. This would drive the annualised growth rate by 0.1 percentage point.
The survey also showed respondents' concern over the Pitak Siam Group's anti-government protest on Nov 24. Twenty one per cent believed that this would affect tourism industry and hurt the spirit of the Loy Krathong festival.
