Consumer spending expected to reach a record-high during Chinese New Year

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BANGKOK – The University of the Thai Chamber of Commerce (UTCC) has revealed in its recent survey that Thai-Chinese people will spend around 52 billion baht during the Chinese New Year celebrations. 

According to the survey by the UTCC Center for Economic and Business Forecasting, consumer spending is estimated to reach a record high, with a growth of 4.1% year-on-year.

This is due to an increase in the consumer confidence index and the higher prices of fresh foods and ceremonial items. The respondents who took the survey said they believed the economy is recovering. Business owners said they had begun generating more profit.

The average Chinese New Year reveler will spend 11,000 baht on holiday tourism, 4,300 baht on traditional red envelopes, 4,000 baht on ceremonial goods, and 1,900 baht on merit-making activities.

Around 83% of those surveyed said they were planning to travel domestically and internationally. Popular overseas destinations for Thai holidaymakers include Hong Kong, China, Malaysia and South Korea.