Veg fest to see surge in spending
THAIS are expected to splurge a total of Bt43.98 billion - 4.2 per cent more than last year -during the Vegetarian Festival that begins tomorrow, as more people have become vegetarians amid rising health consciousness, according to a survey by the Univers
The poll found that this year’s Gin Je Festival would play a key role in driving economic growth in the early stage of the fourth quarter, which also begins on October 1.
“The economy in the fourth quarter could grow by 4 per cent, as the [state] budget for the next fiscal year has been passed, and the Vegetarian Festival will help stimulate greater spending,” said Thanavath Phonvichai, director of the university’s Economic and Business Forecasting Centre.
The survey of 1,206 respondents found that more people intended to join this year’s Gin Je festivities than last year, and the value ad volume for foods during the festive are expected to increase 40 per cent.
Businesses that will benefit from the festival are in the food industry, including restaurants. This year, people will use more food-delivery services, particularly office workers.
Thanavath said around Bt40 billion would be put into circulation through merchandising during the festival. This will help spur gross domestic product to reach 4-per-cent growth in the fourth quarter.
The UTCC predicts that GDP this year will expand by 3.2-3.5 per cent.
Each person at the festival will spend on average Bt9,700 over the nine days, broken down as travel expenses to make merit at Bt3,400 and spending on food at about Bt739 per day.
