Over 22 billion baht to circulate during Songkran festival

BANGKOK, April 5 (TNA) - Declining oil prices and improved political climate are expected to boost people’s spending during the upcoming annual Songkran festival or Thailand’s traditional New Year, according to Bangkok’s Kasikorn Bank’s research center. Kasikorn Research Center (KReseach) on Sunday released its analytical report about the 2015 Songkran Festival, which falls between April 13-15, saying that Bangkokians are expected to spend about 22.8 billion baht during the celebrations, an increase of 3.6 per cent year-on-year. The continued falling oil prices of almost 30 per cent from the same period last year would help save travelling expenses for Bangkokians between 10 -15 per cent, the report said. Business operators should adjust their marketing strategy in order to attract customers. The report followed KResearch’s survey about the Songkran Festival, which was conducted on 524 people in Bangkok between March 20 – 27. The majority of people in Bangkok or 54 percent of the respondents said they preferred to celebrate the festival in the capital. The figure decreased from the last year’s survey, when 59 percent of the respondents said they preferred to stay in Bangkok for the celebrations, implying more people are expected to travel upcountry during the period this year. Places where Bangkokians love to visit during the traditional New Year are the northern capital of Chiang Mai, Chon Buri, Phetchaburi, Phuket, Prachuap Khiri Khan and Ayutthaya, according to the survey. (TNA)