UTCC forecasts ฿9.6 billion economic impact for Loy Krathong 2025

The University of Thai Chamber of Commerce (UTCC) has forecasted that the Loy Krathong festival in 2025 will generate approximately ฿9.6 billion in economic activity. However, this marks a 6.5% decline from last year, reflecting the lowest growth in four years.

According to Thanavath Phonvichai, president and chief adviser of UTCC's Economic and Business Forecasting Centre, the decrease in spending is attributed to a lower average expenditure per person, dropping to ฿2,212, down from ฿2,449 in the previous year. Many participants reported a quieter atmosphere, likely influenced by the ongoing national mourning period, which mirrors the subdued mood of the 2016 Loy Krathong, following the passing of His Majesty King Bhumibol Adulyadej.

Survey data collected from 1,300 people nationwide between October 20-27, 2025, shows that 66.2% of people still participated in the festival, with 94.7% choosing to celebrate locally. The majority (38.3%) viewed the event as an opportunity for religious merit-making and reflection on the monarchy, while 19% continued the tradition for cultural reasons, and 17.9% made wishes during the ceremony.

On the other hand, 47.5% of respondents who chose not to participate cited the mourning period, while others mentioned financial reasons, such as the need to save money (16.9%) or concerns over the economy (15.9%).

Overall, while the festival's spending remained significant, the subdued atmosphere reflected both national sentiment and ongoing financial pressures, signaling a decrease in festive spending compared to previous years.