UTCC expects 58 bil baht cash flow during Spring Festival

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Bangkok – The University of the Thai Chamber of Commerce (UTCC) forecasts 58 billion baht will be spent during Chinese New Year festivities.

Thanawat Polvichai, director of the Economic and Business Forecasting Centre at the UTCC, said the university’s latest survey conducted on a sample of 1,207 people found that 39% of the respondents will be traveling during the Spring Festival, between February 5 and 7.

Up to 56.1% said this year’s spending will be different from last year, with 24.8% believing that businesses will achieve better profits this time around given the increased prices of consumer products, with only 19.1% saying spending will be lower due to political instability and economic recession.

Thanawat expects the upcoming Chinese Festival to generate no less than 58.39 billion baht, a 2.7% increase year on year, adding that tourism is unfazed by the ongoing smog situation.