About 55 billion baht will be spent during Chinese New Year in a sign of growing consumer confidence, a survey by the University of the Thai Chamber of Commerce says.
The university expected people across the country to splash almost 55 billion baht during a three-day holiday to celebrate the Year of the Rooster, which falls on Saturday.
The estimated spending increase is 4.5% over a year ago and the highest since 2007.
The expected rise was an "encouraging sign that reflects consumer confidence in the economy", said Thanavath Phonvichai, director of the Centre for Economic and Business Forecasting. It also demonstrated the continuing momentum of spending from the New Year, he added.
The survey sampled 1,215 people across the country ahead of the Chinese New Year. (continue below)
People buy decorations at Yaowarat on Wednesday for the Chinese New Year. (Photo by Apichart Jinankul)
The kingdom expected an influx of Chinese tourists during the period as public holidays in China for people to celebrate the new year runs from Jan 27 to Feb 2. Thailand is a favourite destination for the Chinese.
An average of 33,142 visitors from China have arrived in Thailand each day since the start of this month.
Tourism and Sports Minister Kobkarn Wattanavrangkul expected the number to increase by 10% to around 36,000 during the Chinese New Year. Spending from Chinese tourists is estimated at 11 billion baht during the holidays, she added.
Decorations on sale at Yaowarat ahead of the Chinese New Year. (Video by Apichart Jinakul)