Expected cash flow for this Loy Krathong is lowest in past ten years: survey
A survey by the University of the Thai Chamber of Commerce (UTCC) on expected spending during Loy Krathong this year indicates a better response to the festival than in 2020.
However, an expected cash flow of THB9.15 billion during the upcoming festival is the lowest in the past ten years as people try to save money due to the Covid-19 pandemic.
On Tuesday, Thanawat Phonwichai, the UTCC’s President and chief advisor to the university’s Centre for Economic and Business Forecasting (CEBF) revealed the expenditure survey results on Loy Krathong festival on November 19. The survey was conducted from 1,240 participants nationwide from November 8 to 12.
The survey found that 51.6 per cent of the participants have planned to float the krathongs, which increased by 42.7 per cent from last year. Most of the participants attending the festival are from the capital areas, followed by those who reside in the central region. Meanwhile, 31.1 per cent are not interested in joining the festival this year, 12.7 per cent of the participants are still considering and 4.6 per cent will go to the festival without floating the krathong.
The UTCC’s survey also found the most popular activities that people have planned to do on the Loy Krathong Day are krathong floating, followed by making merit, eating out and hosting parties, respectively. In which, the average spending on the festival day is expected to be 1,280 baht per person which has decreased by almost 100 baht per person from last year.
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“Loy Krathong spending this year is seen at 9,147 million baht, the lowest figure in 10 years after the great flood situation in 2011. Despite the increased number of festival participants from 2020, people are still focusing on saving costs. This year's spending growth rate is minus 3 per cent which is the lowest growth rate in five years. ” Thanawat added.
As for concerns during Loy Krathong Day, most of the participants are concerned about the spread of the Covid-19 virus. Bangkok and its vicinities have the highest concern at 70.6 per cent, followed by the central region at 63.6 per cent.