BANGKOK, 12 February 2014 The University of the Thai Chamber of Commerce (UTCC) expects only 6.2 billion baht cash flow to change hands on Feb 14 which marks both Valentine’s Day and Magha Puja Day.
The UTCC’s Center for Economic and Business Forecasting (CEBF) Director Thanawat Polvichai revealed the latest survey on consumer spending, saying those who are looking forward to celebrating the Valentine’s Day will spend around 1,800 baht per person, putting the annual Valentine’s Day spending to more than 3.3 billion baht in total.
As for those who will be celebrating the religious holiday of Magha Puja, the amount an average consumer expects to spend is around 2,300 baht, mostly on their travels to various monasteries, resulting in 2.8 billion baht to be generated during the holiday.
In conclusion, the director said a total of 6.2 billion baht would be circulating on February 14. The amount which will be spent to celebrate the day of love, according to Mr. Thanawat, represents the lowest figure in 8 years, whereas the money to be spent on the Magha Puja pilgrimage will be the lowest record in the last 4 years.
Major factors contributing to such spending decreases are the political unrest and the increasing prices of consumer products, said Mr. Thanawat.