Lower Loy Krathong spending expected
Thais are expected to spend a total of Bt9.63 billion, the lowest amount in five years, during the upcoming Loy Krathong Festival, according to a poll by the University of the Thai Chamber of Commerce.
The figure is 15.6 per cent less than last year, and the first decline in four years. Last year, spending during the festival grew by 2.5 per cent from 2014 to Bt11.41 billion.
Thais are still mourning the death of His Majesty the King, said Thanavath Phonvichai, director of the university’s Economic and Business Forecasting Centre.
According to a survey of 1,238 respondents, 89.5 per cent of them will take part in Monday’s festival. However, they do not expect this year’s event to be joyful. Most plan to participate as it is a Thai tradition, make merit, and pray for the late King, and for the long life of the Queen.
Average spending per capita will be about Bt1,105.
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