Bangkok (VNA) – Thai people’s spending on the occasion of New Year celebration this year will increase slightly compared to the same period last year, according to the University of the Thai Chamber of Commerce (UTCC).
A survey of the university gathered insights from 1,300 participants in Thailand found that about 109 billion THB (3.2 billion USD) will be circulated in Thai economy during this year’s New Year celebration, a 3.2% increase in spending compared to last year.
UTCC President Thanavath Phonvichai said that consumers are still exercising caution in their spending due to perceptions of only a slight economic improvement.
He pointed out that the volume of goods purchased has not significantly increased from the previous year, indicating a persistent wariness among consumers.
Sauwanee Thairungroj, an advisor to the UTCC Council, observed that many Thais plan to allocate their spending to personal activities such as parties, religious donations, clothing, footwear, and gifts during this festive season.
Consumer expenditure is primarily split into travel and other activities. Travel-related spending is projected to reach 51.4 billion THB (1.5 billion USD), with 5.47 billion THB (160 million USD) attributed to overseas trips and 45.9 billion THB (1.34 billion USD) for domestic travel.
Other activities, including buying durable goods, consumer items, hosting parties, and conducting merit-making, are expected to total 57.8 billion THB (1.69 billion USD).
The survey also revealed that 47% of the respondents intend to fund their spending through salaries or regular income. Meanwhile, 45.6% of the respondents plan to dip into their savings. This suggests that many individuals feel their salaries are insufficient for their expenses./.
