Family, food remain focus of spending

The annual United Overseas Bank (UOB) (Thai) Lunar New Year survey was based on interviews with 500 people aged between 18 and 55 in November and December.
The survey revealed that the respondents expect to spend an average of 21 per cent less on Chinese New Year festivities than they did last year. Travel and shopping would be the main areas where Thais would economise this year, down 35 per cent and 45 per cent respectively, while food and red packets saw the smallest decline (down 6 per cent and 13 per cent respectively).
Almost Bt7,000, or 23 per cent of respondents’ average total budget of Bt29,400, will be spent on the tradition of giving red packets to family and friends. The respondents said they would give their parents and parents-in-law the highest amounts in their red packets this year, at Bt5,448 and Bt3,732 on average respectively. They said they planned to spend a further Bt5,300 on food – nearly half of which would be used for traditional family reunion dinners.
UOB (Thai) economist Manop Udomkerdmongkol said that while the rising cost of living has resulted in a smaller budget this Lunar New Year, the survey’s respondents are still spending on their loved ones.
“Lunar New Year is an occasion for many Thai families to get together and bond with one another over the traditional reunion dinner and through the giving of red packets. It is heartening to note that these customs remain important throughout various economic cycles,” Manop said.
Traditional patterns and colours continue to be the most preferred red packet design option among the respondents. To welcome the Year of the Rooster, UOB has drawn on the boldness of the rooster for its 2017 red packet designs. The red packet features six roosters in geometric shapes and an auspicious greeting to wish recipients good fortune. The auspicious colour of red was selected and each packet features a brush stroke to signify “a stroke of good luck”.