BANGKOK – The Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce (TCC) predicts that spending during the Songkran festival will exceed 100 billion baht, a new high over the past 12 years.
The center estimates spending during the Thai New Year holiday at 120 billion baht, a 2.5% rise year-on-year. However, such an increase would be significant since most people are still cautious about their budgets. The center’s survey shows that over 65% of the estimated spending represents outlay on necessary consumption items throughout the holiday and a jump in product prices and service fees.
It is also found that holidaymakers tend to spend more on religious activities and less on merrymaking. Around 71% of vacationers choose to visit attractions in their home provinces. The rest plan to celebrate the Songkran festival in other provinces or overseas.
Holidaymakers celebrating the Thai New Year in the country are likely to spend 3,951 baht per person, while those vacationing abroad spend 75,300 baht per person on average.
