BANGKOK, May 23 – The public’s spending for Vesak Day tomorrow could generate Bt4.8 billion in cash in circulation, according to a survey conducted by the Thai Chamber of Commerce University’s Economic and Business Forecasting Center.
Centre director Dr Thanawat Polvichai said the poll, conducted among 1,200 people, found the money circulation increased 4.2 per cent year-on-year, where around Bt4.6 billion was circulated with each person spending Bt1,650.
However, he said the spending habits during festivities grew less at only 4-5 per cent compared to the beginning of the year at 10 per cent. The figure reflected the public’s declined purchasing power due to slowing economy.
According to the survey, most of respondents (88 per cent) said money spent during Vesak Day is from their salaries for making merit, alms-making, and other related Buddhist activities.
Around 80 per cent said they will go to the temple for merit-making, while 12 per cent said no, and 7 per cent were uncertain. The expressed reasons for going to temples were for luck, fortune, and keeping tradition.
About almost half of those surveyed (43 per cent) said that expenses for merit-making become more expensive is because they expected the Thai economy would improve (41 per cent), followed by that they believed it is a long weekend (29 per cent), and higher goods prices (28 per cent).
The public also wanted the government to tackle rising food prices (88 per cent), followed by purchasing power and local economy as well as high energy prices respectively.
In regards to offerings dedicated to Buddhist monks, the business is expected to grow 7-10 per cent, worth around Bt30-50 billion, for Thais tend to do more merit-making and spend around 1-3 per cent of gross domestic product (GDP) for this activity per year, or Bt100-300 billion/year.
