Loy Krathong spending to rise as usual: survey

And spending during Loy Krathong on Sunday will rise normally by 5.6 per cent to Bt10.87 billion from last year’s festival, despite some concern over political tensions, it found.
The results released yesterday of the poll conducted by the University of the Thai Chamber of Commerce with 1,245 respondents indicated that most people want the current political protest to end soon to ensure the country’s economic growth.
Thanavath Phonvichai, director of the university’s Economic and Business Centre, said consumers were most worried about the political conflict as it has started to harm the economy.
People are also concerned about the surging prices of goods and the decelerating growth of the economy. The government needs to solve the problems soon so that the economy will expand steadily throughout next year.
The forecast for higher spending during Loy Krathong was attributed to the expected higher cost of goods and positive feeling for celebrations. However, spending would be tempered by the lingering anxieties over the political problem, and the sombre sentiment following the death of the Supreme Patriarch.
Loy Krathong spending last year jumped 27.2 per cent to Bt10.3 billion on the economic recovery from the flooding disaster in the prior year. Wachara Kuntaweethep, assistant director of the centre, said people would spend more this year because prices are higher, while some said their incomes had increased so they would spend more.
However, about a half of the respondents admitted that they had problems with money this year due to the rise in the prices of goods and fuel as well as interest rates.
Average spending per capita for Loy Krathong is estimated at Bt1,593.75, mostly for parties, travel, food and the krathong floats and toys.