Thais expected to spend THB105 billion for New Year festivities: survey
The upcoming New Year’s festival is expected to see the most active spending spree in four years, with an estimated 105 billion baht set to change hands, according to the University of the Thai Chamber of Commerce (UTCC).
The prediction was made by the UTCC’s Centre for Economic and Business Forecasting, based on a survey of 1,258 people from all regions of the country. The respondents were asked about their spending behaviour during the upcoming festival season.
The estimated 105 billion baht of spending represents a 2.8% increase over the previous year, the highest in four years since the outbreak of the Covid-19 pandemic in 2020, said Prof Thanavath Phonvichai, UTCC president and chief adviser of the centre.
He added, however, that Thai consumers would spend carefully during the festive season as they reckoned the country’s economy was still not good.
It was found that most respondents would spend their money on travels in the country, New Year partying, making merit and donations, and visiting relatives in the provinces.
The money allocated for domestic travel would be an average of 6,023 baht per person, a substantial decrease from 10,262 baht per person last year, according to Thanavath.
When asked what they wanted most from the government as a New Year present, the respondents pointed to state assistance for lower cost of living, stimulus measures for the economy, trade, investment, and tourism, public sector reform, action against corruption, government transparency, “more reasonable” wages and salaries, and lower income tax.
The survey respondents wanted to see the government create more jobs and incomes for the people in the New Year, help people access capital and loans, tackle the narcotics problem, curb the rising cost of living, and address the household debt issue and poverty, according to Thanavath.
