Bt70 billion expected to circulate during 2014 World Cup: UTCC Survey

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The University of Thai Chamber of Commerce (UTCC) forecasts that some Bt69.245 billion will circulate in Thailand during the one-month-long 2014 FIFA World Cup, starting next Thursday in Brazil.

UTCC Economic and Business Forecasting Centre director Thanawat Polvichai today released the survey result on “Effects of 2014 FIFA World Cup on Thai Economy and Society”, saying that Thai spenders, mostly soccer fans, are expected to spend some Bt69.245 billion during the 20th FIFA World Cup between June 12 and July 13, representing a 16 per cent increase from the previous tournament four years ago.

The survey was conducted on 1,229 people nationwide between May 20 and 29.

Most spending–some Bt43.53 billion–however, will be drawn to illegal activities, such as gambling, a 17 per cent growth from the previous tournament, Dr Thanawat said.

He said the number of gambling soccer fans was also expected to increase during this year World Cup and they will bet on average some Bt5,072 on each match.

He said the proportion of people who gambled for money only was expected to increase to 51.3 per cent in this year tournament, against around 33 per cent during the previous tournament.

The remaining spending will be on domestic activities as matches kick off during night time in Thailand, said Dr Thanawat.

He said spenders are expected to spend some Bt25.715 billion on snacks, drinks, set-top boxes and souvenirs.