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This year’s Songkran festival is expected to see a 2.53-per-cent rise in spending to Bt127 billion, the highest in 12 years. However, the estimated expansion is subdued by people’s caution on spending, according to the University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting.
Thanawat Polvichai, the centre’s director, said most of the spending could be for travel, with more purchases of luxury products than in the past.
According to a survey by the centre, about 65.2 per cent of respondents cited the length of the Songkran holiday, higher income and higher prices for goods and services for the increase in expected spending. About 71.6 per cent plan to travel, mostly within their own provinces.