150 billion spending expected for New Year holidays

BANGKOK, Dec 25 (TNA) -- The University of the Thai Chamber of Commerce estimates that cashflows for the coming New Year Holidays will be the highest in 13 years hitting the 150 billion baht mark. Sauwanee Thairungroj, President of the University of the Thai Chamber of Commerce, announced the results of a survey on consumer spending habits for the 2018 New Year holidays performed on a focus group of 1,213 from December 11 - 20. The survey indicate that 48.3% of Thais expect this year's New Year celebrations to be exuberant. Overall, the group polled indicated that they would be spending more for close acquaintance, family and relatives while spending less on themselves. On average 21,078.86 baht will be spent be each person for friends and relatives which is offset by a comparatively modest 5,452.27 baht on personal needs. In detail, 52% of New Year spending will come from salaries, 24.1% will come from special income or bonuses with another 23% from savings. The survey showed that 132 billion baht has been projected to be circulated which is a 2.1% increase over last year. More importantly, the figure represents a record 13 year high since the polls began in 2006. Breaking this down, spending in Bangkok is expected to hit 64.29 billion baht while the provinces will see 67.75 billion baht. The focus group also revealed that the most popular New Year presents are cash or gift vouchers followed by dining out and New Year hampers and health drinks. Thanawat Pholvichai, the director of the Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce estimates that increased consumer spending during the 2018 New Year Holidays will help the economy achieve 4% growth exceeding earlier projections of 3.9%. Consequently, this will be a great stepping off point for the economy in 2018 and growths of 4.2- 4.5% are projected. (TNA)