Thais are spending more on Chinese New Year: Survey
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Lunar New Year spending is set to increase this year, according to a survey by UOB which shows 60 per cent of the respondents were planning to spend more this year.
They will spend more on upholding traditions such as the reunion dinner, family visits and red packets. The average budget for the Lunar New Year is expected to be Bt17,400, said the survey that covered 500 respondents.
The higher overall budget may be a reflection of consumer sentiment. Seven in 10 respondents expected Thailand’s economic situation to stay the same while 20 per cent believed it would improve from last year. Only 10 per cent of the respondents said they thought the economy would decline.
“The government’s economic stimulus and rising wages have led to a gradual recovery in private consumption since the second quarter of 2014. Given the improved economic sentiment, we are not surprised that Thai consumers are planning to be more generous with their festive spending this year,” said UOB economist Francis Tan.
The generosity displayed by Thai consumers is focused primarily on showing gratitude to their family as seen by the budget allocation. According to the survey, Thais will spend the most on travelling to visit family (Bt4,700), followed by red packets (Bt4,600) and reunion dinners (Bt4,400). The budget allocated to shopping is the lowest at Bt3,500.
