Spending sentiment for the upcoming New Year festival is expected to be lively and reach over 100 billion baht, according to the survey by the University of Thai Chamber of Commerce.
Dr. Tanawat Polwichai, Director of the Center for Economic and Business Forecasting, the University of the Thai Chamber of Commerce disclosed the results of the opinion poll on the consumer behavior and spending patterns during the New Year festivities of 2024.
The survey, conducted from December 10 to 16, 023, sampled 1,258 respondents nationwide, evaluating expenditures totaling 105.924 billion baht. This marked a 2.8% increase, the highest in four years.
The survey identified a festive surge in spending and a return to joyful expenditure over the past four years.
This positive trend is expected to contribute to overall economic improvement, thanks to government-initiated New Year’s gifts and activities. These measures have sparked public interest in traveling and spending during the extended New Year holidays.
The estimated spending during this New Year’s season is projected to be around 6,000 baht per person, with international travel expenses exceeding 35,000 baht per person. Consequently, it is anticipated that the excess spending during the New Year festivities will surpass 105. 9 billion baht.
This spending is categorized into various aspects, including socializing, religious and consumer goods, totaling over 19.4 billion baht.
Purchases of durable and luxury goods are expected to surpass 5 billion baht, while domestic and international tourism spending is estimated to exceed 60 billion baht, according to the survey. (TNA)
