BANGKOK, 10 April 2015- According to a research by the University of the Thai Chamber of Commerce, 119 billion baht of public spending is expected during this year’s Songkran holidays, an increase of 2.01% from the year earlier.
The figure, despite being the highest prediction, is actually the slowest expansion rate in 5 years, thanks to the rising prices of commodity products and services.
The research indicated the reason behind the slower spending growth is the public concerns over the local economy and low agricultural product prices which cause residents to be more frugal.
Nonetheless, the research pointed out that this year would be the first year that Thai celebrants focus more on party expenses, such as food, drinks and alcoholic beverages. Meanwhile, fewer people were spending on merit making activities and tourism, a sentiment that reflects worries among the public.