KRC: Bt6 billion circulate in market during Chinese New Year

BANGKOK, Jan 30 -- It is projected that Thais of Chinese descent would spend between 6.1 – 6.2 billion baht in the Thai capital during the Chinese New Year Festival which falls on February 8, according to a report issued by Kasikorn Research Centre (KRC). It said the projection which is around 2- 3 per cent increase from the Chinese New Year Festival 2015, representing an average spending of 3,500 baht per household, would be mostly spent by old generation of Thais of Chinese descent who still shop for food, fruit and other necessities to be used for worshipping the Chinese Gods and their family ancestors. The new generation of Thais of Chinese descent would only spend money on necessary articles, said the KRC. The report forecasts that celebrations of Chinese New Year Festival in Thailand might not be lively in future because the new generation of Thais of Chinese descent may not find enough time and may not have enough knowledge on procedures of respect rituals to Chinese Gods and family ancestors. Traders should adapt themselves in business tactics so that a large amount of money would be spent during the Chinese New Year Festival in future by the new generation, it added. (TNA)