BANGKOK – Consumer spending during the Chinese New Year is expected to contract for the first time in 12 years, says the University of Thai Chamber of Commerce (UTCC).
UTCC President ThanavathPholvichai said the university’s latest survey showed that Thai people were concerned over economic uncertainties and had decided to cut their Chinese New Year spending.
Thais are expected to spend 57.6 billion baht, down 1.3% from the previous year, according to the survey.
Consumers anticipated further economic slowdown, negative results of drought and hazardous smog, he said, therefore they were more cautious about spending and travelling.
MrThanavath said such consumer behaviors could be described as “gloomy and unpleasant:” a big task for the government to address.
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