B5bn holiday weekend splurge tipped

People are gearing up for a big-spending long-holiday weekend, with about 5.2 billion baht expected to change hands over the four days, the University of the Thai Chamber of Commerce (UTCC) reported on Wednesday.

Thanawat Pholvichai, director of UTCC's centre for economics and business forecasting, said on Wednesday an opinion survey of consumers' spending plans for the long holiday weekend predicted a spending splurge of 5.2 billion baht, an increase of 5.4% from 4.9 billion baht during the same period last year.

The extended weekend starts on Friday, which is Asanha Bucha Day. Saturday is Buddhist Lent Day, or Khao Pansa, and Monday the substitution holiday for Buddhist Lent Day.

Mr Thanawat said most respondents thought the holiday would be more active than last year because it would be over four days, the National Council for Peace and Order was stimulating the economy, which was actually improving, and there were more holiday destinations. 

People planned for vacations with family members, for parties and spending. Most respondents said they would make donations on Khao Pansa, in addition to spending on their holiday.

Mr Thanawat said  most consumers expressed more confidence in the  economy, and spending had started to recover slightly in all sectors. However, about one-third of consumers remained uncertain about the economy.

Mr Thanawat also said the government would spend about 200 billion baht in the second half of this year, which should cause the economy to grow by four percent in that period.

He forecast the national economy would expand by 2-3% this year and by 5% next year.

Related search: opinion survey, spending, buddhist lent holiday, khao pansa

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