Thais’ Songkran spending to rise 4.51%, UTCC says, despite drought
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THAIS’ SPENDING during the coming Songkran Festival will jump 4.51 per cent to exceed Bt124.5 billion, the strongest expansion in three years, thanks to a long weekend and the government’s spending-stimulation measure, a survey by the University of the Th
However, spending would grow even more, by 5.7 per cent, if not for the drought affecting water-splashing festivities, Thanavath Phonvichai, director of the university’s Economic and Business Forecasting Centre, said Thursday.
He said the long holiday should result in a lot of spending but worries about the drought causing shortages of water had affected people’s spending sentiment.
Based on a survey of 1,226 respondents last week, 65.2 per cent planned to travel either domestically or overseas during the festive period, while 14.1 per cent will go back to their home towns but not travel around, and about 20.6 per cent will not go anywhere.
