Bangkok (VNA) - The Centre for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC) has forecast that about 54.2 billion THB (approximately 1.75 billion USD) will circulate in the country’s market during the 2026 Lunar New Year holiday, the highest level in six years and up 5% year-on-year.
The UTCC's consumer spending survey revealed 25% of respondents anticipate a more vibrant celebration this year, while half expect the vibe to be similar to last year.
Some 43% of the respondents plan to honour Chinese gods and offer sacrificial items to their ancestors. One-third of the respondents said they will spend more during this festival, primarily due to higher prices, while 35% said product prices will remain unchanged.
About 70% of them view the prices of sacrificial offerings, such as meat and fruit, to be higher than last year. One-third intend to buy only necessary items, while one-fifth will reduce their spending compared with the previous year.
More people plan to travel, with more than 90% of the respondents intending to travel domestically.
Thanavath Phonvichai, President of the UTCC, said consumers believed the economy will recover following the election because they can envision who will lead the government's economic team.
The survey found more than half of the respondents view the economy as worse or much worse than during the same time last year. They expect the economic recovery to begin in the third or fourth quarter this year.
Respondents urged the new government to focus on improving infrastructure, developing new industries to drive economic growth, strengthening the grassroots economy, upgrading regional infrastructure to support tourism, attracting foreign investment and supporting exporters.
This reflects concerns among Thais about economic conditions and the need for a clear long-term strategy for sustainable economic growth, he said.
The next government is expected to take office by May, with major stimulus schemes likely to be implemented around the third quarter, said Thanavath.
He called for the government to urgently eliminate corruption and crack down on scams, as these issues impact confidence in the tourism sector./.
