Songkran spending to rise only 2.01%: UTCC
Songkran consumer spending will grow by just 2.01 per cent to Bt119.16 billion over last year's festival, the lowest expansion in five years, but the highest total in a historical survey by the University of the Thai Chamber of Commerce (UTCC).
A poll found that consumers were worried by the sluggish economy, but would spend more than last Songkran because the prices of goods, services and transport had gone up, said Thanavath Phonvichai, director to the UTCC’s Economic and Business Forecasting Centre.
He said people were also worried about their future incomes, so they would not spend a lot of money celebrating during this festival period.
The poll also found that only 64 per cent of respondents would travel this year, either domestically or overseas, compared with 69.5 per cent last Songkran.
The Nation
