New Year spending edges up | Bangkok Post: business

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New Year spending edges up

UTCC survey forecasts 5.6% rise to B112bn

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New Year spending is expected to exceed 100 billion baht despite most Thais remaining cautious in light of political uncertainties and the unfavourable economic outlook, reported the annual survey by the University of the Thai Chamber of Commerce (UTCC). 

Thanavath Phonvichai, UTCC's vice-president for research, said spending during New Year celebrations is forecast to grow by 5.6% to 111.75 billion baht, mainly for travelling and parties at home.

The growth rate is much lower than last year's increase of 15.6% to 105.82 billion baht, a record for the seven-year poll and the first time it surpassed 100 billion baht as respondents were confident about their future income, higher wages and the benefits of the government's controversial rice pledging project.

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