A 9.7-billion-baht spending splurge is forecast for the Loy Krathong festival on Tuesday, the biggest in five years, fuelled by expectations of economic recovery, according to the University of the Thai Chamber of Commerce.
The anticpated Loy Krathong spending rebound is based on the latest survey, university president Thanavath Phonvichai said on Friday .
He said 76% of respondents said they would go out and enjoy the festival and 43.3% would spend more because of the high price of goods. About 60% expected a happy Loy Krathong festival this year because of the country's reopening, Mr Thanavath said.
The expected 9.7-billion-baht spending was about 6% higher than last year, the biggest and first increase in five years and the biggest increment in a decade, he said.
Respondents foresaw economic recovery in the second quarter next year, compared with the second half of next year as indicated by an earlier survey, he said.
“Concern about Covid has subsided because it has become endemic. The country's reopening will increase travel… weak baht supports tourism and exports,” Mr Thanavath said, giving the reasons behind the predicted high spending.
Even so, respondents still said they needed to be cautious in their spending because of the rising cost of living, he said.