The vegetarian festival this year from October 20-28 will see people spending over 45 billion baht in observing the festival.
The spending is 2.5% higher than last year due to higher prices of vegetables
The finding was revealed by the University of Thai Chamber of Commerce’s Center for Economic and Business Forecasting (CEBF).
The centre said the finding was made from interviewing 1,177 people throughout the country.
It said the vegetarian festival which runs from October 20-28 will be more active as people will observe the festival.
It shows that 36.5% of people said they will exclude meat and eat vegetarian food throughout the festival. The figure rose from 36.5% in 2017.
One common reason is that they will observe the festival to dedicate merit to HM the late King.
Spending by people is 10,245 baht per person, an increase from 9,700 baht last year. Breakdowns of the expenditure are 756 baht for food, 2,697 baht for donation and merit-making, and 3,533 baht for travel expenses to make merit in the provinces, and 4,369 baht accommodation during merit-making travels to the provinces.
The center estimates that this year’s Chinese vegetarian festival will generate more than 45 billion baht or a 2.5% increase compared with last year.
The centre also said survey showed that vegetarian food would be slightly higher.
Thanawat Phonwichai, director of the centr, said that although people have started to be more confident in the economy, they are still careful with their spending and are consuming less.
However, the vegetarian festival this year would help stimulate the economy in the last quarter.