Thailand’s ongoing economic recovery has convinced the University of the Thai Chamber of Commerce (UTCC) to revise its forecast on money circulation during this year’s Loy Krathong festival.
The University’s Center for Economic and Business Forecasting (CEBF) predicts 9.7 billion baht will be circulated during the festival – the highest level in 10 years.
UTCC President Dr Thanavath Phonvichai noted that the improved pandemic situation enabled the Thai economy to recover faster, allowing for more energized Loy Krathong celebrations.
A survey of about 1,200 respondents found that 67.6% of respondents plan to engage in Loy Krathong activities. Meanwhile 76.1% expect to float krathong baskets while 34.9% intend to dine out. 43.5% also hope to make merit and 39.9% plan to visit Loy Krathong festival venues.
Only 9.9% of those surveyed say they will not be participating in Loy Krathong festivities, down significantly from last year’s 31.1% figure.
The survey also found that people were prepared to spend 1,900 baht on average during the festival, up from last year, with expenditures to include commuting, dining out and socializing. The CEBF therefore expects circulation to reach 9.7 billion baht this year. The 6% expansion over the previous year would thus take Loy Krathong cash flow to a 10-year peak.
Dr Thanavath said the average global oil price of US$100 per barrel means people are able to travel and spend more cautiously. Tourism activity and consumer spending are also projected to rise from now until the New Year period. With at least 10 million foreign tourist arrivals currently expected this year, the CEBF believes Thailand’s GDP will expand by 3.3-3.5% in 2022. It further predicts growth of 3.5-4% in 2023. (NNT)
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