Chinese New Year and Valentine’s Day spending to reach over B60bn

Spending by the people to celebrate the upcoming Chinese New Year and Valentine’s Day next week will rise over 60 billion baht, said the Economic and Business Forecasting Center of the University of the Thai Chamber of Commerce.

Centre director Thanawat Polwichai said a recent survey on spending during the upcoming Chinese New Year festival on Feb 14-16 indicates that more than 56.86 billion baht in cash flows will be generated which is a 3.5% increase over the previous year.

Most of the spending will be for religious offerings, Ang Pao (red envelope) cash gifts, clothing and travel.

This is indicative of the overall economic recovery and the corresponding rise in consumer goods prices, he said on Thursday (Feb 8).

With regards to Valentine’s Day celebrations which will fall on Feb 14, the survey found that more than 3.82 billion baht will be spent.

This represents a 3% increase, he said, adding that the greatest spending will be made on flowers followed by travelling and presents consecutively.

Up to 53.1% of those surveyed plan to celebrate Valentine’s Day, spending an average 2,395 baht per person, he said.

Taken together, both holidays will generate in total more than 60 billion baht in revenues, signifying a 10-year peak.