New Year spending in Thailand expected to exceed Bt125b

BANGKOK, December 22 (TNA) - People's spending in Thailand during the upcoming New Year Festival is expected to exceed 125 billion baht, a new high in a decade. A recent survey, conducted by Bangkok-based University of the Thai Chamber of Commerce (UTCC), found that people’s spending across Thailand during the upcoming New Year Festival would reach 125.01 billion baht, the highest amount in the country in 10 years. UTCC President Saowanee Thairungroj told journalists on Tuesday that the anticipated spending represents a 6.4 per cent year-on-year rise and the increment would also be the highest in three years. However, Saowanee acknowledged, local consumers would continue to spend carefully, as the expected spending amount per head would stand at only about 13.93 billion baht, the lowest in five years. Saowanee pointed out although the upcoming New Year Festival would not be too lively, most respondents still wanted to relax themselves from economic slowdown pressures. According to the UTCC president, 59.2 per cent of the respondents wanted to travel, but 40.8 per cent of them would remain in their areas. Among those who would travel, 72.9 per cent would go on vacation and 26.9 per cent would return to their hometowns. Most of the respondents would stay in the country and each would spend about 12,332 baht per trip. Those who would remain in their areas said they would buy consumer products, have parties and make merits. (TNA)