Thais are set to spend more during this year's Lunar New Year holiday, according to a survey released yesterday by United Overseas Bank (Thai).
UOB surveyed more than 500 Thai consumers and found 60% were planning to spend more this year on traditions such as reunion dinners, family visits and red packets.
The average budget for the Lunar New Year is estimated at 17,400 baht.
The greater spending plans may reflect consumer sentiment. Seven in 10 respondents said they expected Thailand's economic situation to stay the same, while 20% said it would improve from last year. Just 10% of respondents said they thought the economy would decline.
UOB economist Francis Tan said Thai consumers had become more confident about the country's economy.
"The government's economic stimulus and rising wages have led to a gradual recovery in private consumption since the second quarter of 2014," he said.
"Given the improved economic sentiment, we're not surprised Thai consumers are planning to be more generous with their festive spending this year."
The generosity on display from Thai consumers is focused on showing gratitude to their families.
Thais will spend the most on travel to visit family (4,700 baht), followed by red packets (4,600 baht) and then traditional reunion dinners (4,400 baht).
The budget set aside for shopping is the lowest (3,500 baht).
Thais continue to put their family and loved ones first when giving red packets.
Parents and spouses can look forward to receiving the highest amount this year (both tied at 1,600 baht), followed by children (1,200 baht) and siblings (1,100 baht).
Those receiving red packet are also sharing with others.
One in four respondents said they would give their red-packet money to others such as charity groups that help the less privileged.
