People celebrating the Songkran holiday are expected to spend around 31.5 billion baht on festivities and travel, up 10.5% from last year, Kasikorn Research Centre said on Wednesday.
The research centre said this projection was based on a recent survey in the Bangkok area on planned spending during the Thai New Year celebration. It did not say how many people were interviewed.
Of the total planned spending, about 25.5 billion baht would be spent domestically, mostly on parties, making merit and other activities, according to the centre.
The remaining 6 billion baht would be for overseas travel, mostly in Asia. The most popular planned foreign destinations for Thai tourists are Japan, South Korea and Singapore.
The centre said 52.5% of the respondents admitted that the rising cost of living was a key factor affecting their planned spending during the Songkran Festival.
Most of them said they would stay in Bangkok during the long Songkran holiday, with plans to go shopping and to visit temples to make merit.
However, many planned to make a one-day-trip to nearby provinces, including Chon Buri, Ayutthaya and Petchaburi.
The top priority of those planning to leave Bangkok during the festivity was to visit their hometowns, with tourism the second most popular.