Around the world, low unemployment, high-performing stock markets and revamped consumer confidence have made this season one of the best on record for retailers.
In Thailand, retailers have also gained from government incentives, which are expected to contribute to the 159 billion baht projected to be spent during the New Year holiday -- the highest in 13 years.
Last year, spending during the holiday season increased 7.2% year-on-year to 150 billion baht, fuelled by a shopping tax refund that allowed individuals to deduct up to 15,000 baht for domestic purchases from their personal income tax.
The University of the Thai Chamber of Commerce (UTCC) reported that 20.8 billion baht of the spending could be traced to tax deductions.
A UTCC survey last year found a majority of respondents worried about interest rates and other economic risks, as well as political instability.
The outlook today is decidedly rosier than a year ago, when Thailand's GDP grew by a mere 3.2% and the global economy was lingering in a slower recovery period fuelled by uncertainties surrounding US policies and Brexit.
'Amazing' countdown
New Year countdown activities will generate more than a billion baht in revenue, says the Tourism Authority of Thailand (TAT).
TAT governor Yuthasak Supasorn said Amazing Thailand Countdown 2018 will take place Dec 31 and Jan 1. Events will be held simultaneously in Lampang, Sakon Nakhon, Rayong, Kanchanaburi and Phuket to promote tourism.
Mr Yuthasak voiced confidence that the event would attract local and foreign tourists and upwards of 200 million baht in each province, or 1 billion baht in total.
Amazing Thailand Countdown 2018 will focus on Thai-style communal celebrations that herald the New Year. The countdown will also represent the kickoff of the TAT's 2018 initiative, which is meant to inject tourism money to rural communities.
"The TAT plans to attract at least 10 million tourists to smaller towns and communities," Mr Yuthasak said.
Where to spend 2017 away
Thais will receive 2018 in a much more upbeat mode, after celebrations in the past 3-4 years were tempered by a slow economy and the passing of the late King Bhumibol Adulyadej.
Retail operators are spending significantly more on New Year festivities than they did a year ago. New Year countdowns will be held at all of Bangkok's retail landmarks and in some major tourist destinations.
At these locations, shoppers will be able to enjoy concerts from more than 140 famous artists and bands, accompanied by top-notch light shows and sound effects. Retailers planning a countdown this year include Central shopping complexes, Future Park Rangsit, Asiatique, Centerpoint of Siam and Megabangna.
The twelve shopping centres holding New Year countdown events are CentralWorld, CentralPlaza WestGate, CentralPlaza Salaya, CentralFestival Chiangmai, CentralPlaza Udon Thani, CentralPlaza Ubon Ratchathani, CentralPlaza Nakhon Si Thammarat, CentralFestival Hatyai, CentralFestival Samui, CentralFestival Pattaya Beach, CentralPlaza Mahachai and CentralPlaza Nakhon Ratchasima.
Nattakit Tangpoonsinthana, executive vice-president for marketing at SET-listed property developer and retailer Central Pattana Plc, said the company set aside 80 million baht for its New Year countdown, which will take place at 12 Central shopping complexes in major tourist destinations across the country, up from eight branches last year.
A multitude of customers shopped for the holidays in November, thanks to the government's Shop Chuay Chart policy, but Mr Nattakit expects the countdown to increase spending on food and drinks by 30% from ordinary times.
Fireworks along the Chao Phraya River to celebrate the New Year countdown.
Greatest event 'in 18 years'
The AIS Bangkok & Thailand Countdown 2018 can be watched on 3SD starting from 10.30pm and on 3HD from 11.30pm. Subscribers can also tune in to the programme on Dec 31, or the next day from 16.30pm to 12:30am on the AIS Play app.
The event, with a "Super Sonic Space" theme, will be sponsored by CPN along with the TAT, the Royal Thai Police, Advanced Info Service Plc, Chang International Co, Seiko Thailand Co, Singha Corporation, MasterCard Thailand Co, Plan B Media Co, GMM Grammy Plc, the Ratchaprasong Square Trade Association (RSTA), Index Creative Village Plc and Thailand Colour Television Channel 3.
"This will be the greatest countdown event in the past 18 years," Mr Nattakit said.
Megabangna increased its countdown event budget by 50% to 40 million baht this year. Artists like Artiwara "Toon Bodyslam" Kongmalai will join the countdown, and shoppers at the event will have the chance of winning prizes such as a Honda car or an iPhone, said Sirinchat Sangsri, vice-president for marketing at Megabangna.
"We hope to see a 15-20% increase in visitors that day," Ms Sirinchat said.
Rangsit Plaza Co, the operator of Future Park Rangsit, will expand the space where its countdown will be held to 10,000 square metres this year, up from 6,000-7,000 sq m last year.
The company set a budget of 25 million baht for its year-end activities, which will include mini-concerts from rock artists and exclusive trips to France and Switzerland. The company expects the number of shoppers visiting the premises on that day to increase 50% from last year to 300,000.
Premin Lenoraset, general manager of Centerpoint Siam (located opposite Siam Paragon), said it's the first time the mall will hold a countdown.
"We will duplicate New York's Times Square's famous countdown," she said. "It's the first time this has been done in the Siam Square district."
Consumer spending to climb 15%
Manop Kumsawang, general manager of Asset World Retail Co, the operator of Asiatique, said the company will increase its countdown event budget to 15 million baht this year, up from 12 million last year.
The company hired the same design team that planned the Sydney Harbour countdown to plan this year's event, which will start 1-2 hours earlier than last year's.
"Customers will enjoy various activities on the nine-storey-high stage," Mr Manop said.
Asiatique expects to draw 150,000 people to its countdown this year, about 50% more than last year. The company expects foreign and local tourists to represent close to half of attendees, up from 20% five years ago, when the company held its first New Year countdown. Asset World Retail expects consumer spending to climb 10-15% on New Year's Eve.
Ending the year in style
For 20,000 baht you can close your year at the Mandarin Oriental Bangkok Hotel's Riverside Terrace. The package includes cocktails in the hotel's Authors Lounge garden and a gala dinner with international and Thai dishes prepared by executive chef Dominique Bugnand, and live entertainment. (13,500 baht for children.)
The Hong Kong-based hotel chain will also offer more moderately priced packages at Terrace Rim Naam. This 8,500-baht night will also start at the Authors Lounge garden and include a Thai seafood buffet with an array of Thai regional specialties, as well as Thai and western entertainment. (4,000 baht for children.)
For those looking to end the year with French haute cuisine, Le Normandie will offer an eight-course menu for 20,000 baht. The China House will offer a seven-course Cantonese specialties menu. For 8,200 baht, guests after dinner are welcome to join the world-class entertainment at the Riverside Terrace. Lord Jim's will offer its signature seven-course seafood meal for 16,500 baht.
In-house guests will also receive an invitation to join the hotel's annual First of January Cocktail Party in the Royal Ballroom, where they will be entertained by the Bangkok Symphony Orchestra. The hotel will also offer an all-day brunch at the Riverside Terrace from 7am to 3pm for 2,710 baht. (708 baht for children.)
On Jan 1, Lord Jim's customers can opt for a 4,000-baht seafood buffet. (2,000 baht for children.) The China House will feature a special Cantonese lunch buffet menu for 1,900 baht. (1,400 baht for children.)