BANGKOK – The holiday season always bring a surge in consumer spending. The University of the Thai Chamber of Commerce’s (UTCC) Center for Economic and Business Forecasting (CEBF) now estimates this year’s New Year holidays will generate a record-breaking cash circulation of more than 137 billion baht.
The CEBF’s consumer spending behavior survey of 1,223 samples shows most people will spend their money on religious activities, followed by recreational activities such has hosting parties, travelling, purchasing luxury goods, purchasing durable goods, and buying government lottery tickets.
Most people are spending the same amount of money on the same quantity of goods as in the previous year. About 76.8% will be travelling out of their place of residence on a trip to domestic destinations, especially to the northern region where the climate is cool and mild. Each person is expected to spend an average of 15,615 baht on their domestic journey, or 58,842 baht on an international trip.
On overall holiday spending, 11 billion baht is expected to be spent to hold recreational events, followed by religious activities at 9.6 billion baht, permanent goods purchases at 2.29 billion baht, luxury goods purchases at 1.17 billion baht, domestic travel at 60.4 billion baht, and international travels at 35.84 billion baht. The overall New Year holiday spending this year is expected to be around 137.8 billion baht, a record-breaking amount 1.9 percent higher than the previous year.
In the same survey, most people asked the government to urgently solve economic issues, followed by social issues, political instability, household debt, as well as improve the education system.
The Thai Chamber of Commerce Chairman Kalin Sarasin said today the Thai economy next year is expected to expand, as the tourism sector has started to recover as shown from more flights landing at Bangkok Suvarnabhumi Airport.
He said The Thai economy is expected to benefit from manufacturing bases relocating from China and Taiwan in many industries. The government has been doing all it can to stimulate the economy, however the most crucial task is to maintain peace and order, and prevent protests.
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