BANGKOK, 13 Feb 2015 – According to the Kasikorn Research Center, the rising household debt is holding back this year’s public spending on the Chinese New Year.
The center estimated that current spending of Bangkok people on Chinese New Year offerings for their ancestors would be around 6 billion baht, an increase of 3.5% year-on-year.
Despite the rise in figure and the importance of the event to Chinese descendants, K-Research indicated that this year’s spending on offerings is being set back by the concerns on household debts and living expense.
K-Research pointed out that the commodity prices remain high even with the lowered fuel price. This year’s average spending on the festival’s items for worshipping is at 3,750 baht per household. The figure was 3,590 baht last year.
