Over 60 billion baht expected to be spent this Chinese New Year-Valentine’s Day

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Bangkok – The University of the Thai Chamber of Commerce has revealed findings that suggest spending over the Chinese New Year-Valentines period this year could reach over 60 billion baht.

Director of the Economic and Business Forecasting Center of the University, Thanawat Polwichai, announced that spending this Chinese New Year is expected to be more significant than last year. He noted that 45.9 percent of respondents to a survey said they plan to purchase more goods this year with an even larger portion saying they plan to spend more per item due to improved income and higher prices. Most spending is on offerings to spirits followed by merit making items, clothing and travel.

For Valentine’s Day, the center foresees 3.822 billion baht in spending, up 3.1 percent year-on-year and the highest amount in 11 years. Up to 53.1 percent of those surveyed plan to celebrate Valentine’s Day, spending an average of 2,395 baht per person.

The two holidays combined will result in over 60 billion baht being spent, the highest rate in 10 years but the lowest level of growth in six years. The occasions’ outlay will add 0.3 percent to the nation’s GDP.