New Year spending to be record high in 13 years

Spending by the people during the New Year festival holidays is expected to rise over 130 billion baht, the highest in 13 years.

According to Dr Thanawat Pholvichai, director of the UTCC’s Center for Economic and Business Forecasting, the forecast was based on the survey on spending behaviour of the people.

He said the survey on 1,213 samples for their spending behaviour during the New Year holidays from December 30 to January 2 showed they would spend higher during the festival, or up to 132 billion baht in total for the whole population in the country.

It would be the highest spending in 13 years since 2006, he said.

He attributed the highest spending to increased expenses in buying goods, and tourism.

He said the high spending reflected the economic recovery of the country.

From the survey, he said 48.3% of those interviewed believed this coming New Year will have more fun, and more activities.

He said most spending or 93.1% will be expenses on merit-makings, 88% on tourism, 65.2% on party celebrations.

He also said most people or 83.5% will travel in the country with each spending around 13,960 baht, while 16.5% choose to travel abroad and each spend around 60,135 baht.

For this year’s economic growth, he said it is expected to be 4% while next year’s growth should be
4.2-4.5 %. when a clearer sign of economic recovery could be seen in the second quarter of next year.