UTCC: This year’s Loy Krathong spending expected to drop to Bt9.5bn

[rooster59]

UTCC: This year’s Loy Krathong spending expected to drop to Bt9.5bn

 

 

BANGKOK(NNT) - People are spending less money on travel and Krathong baskets during the Loy Krathong Festival this year. As a result, the cash flow during Loy Krathong Festival is expected to decrease to 9.5 billion baht from the previous year.

 

The University of the Thai Chamber of Commerce’s (UTCC) Center of Economics and Business Forecasting (CEBF) Director, Thanawat Phonwichai disclosed today the findings of a survey on the spending behavior of people on Loy Krathong day. The value of spending on Loy Krathong Day has fallen for the second consecutive year. The cash flow during the Loy Krathong Festival has decreased to 9.57 billion baht from 9.69 billion the previous year or 1.3 percent drop, due to concerns about the economic slowdown resulting in people being cautious about spending.

 

The survey also found that this year, the proportion of people planning not to float a Krathong basket has increased to 34.1 percent from 23.6 percent last year or up by 10.5 percent as some of them are busy and some of them want to save money. Some respondents also feel that the economy is still not good and don’t feel like attending the Loy Krathong Festival. However, the survey showed that 62.5 percent of the respondents still plan to float their Krathong baskets this year to preserve the Thai traditional way of life, learn culture and relax.

 

In addition, spending during the Loy Krathong Festival this year has reduced to 1,413 baht per person from 1,442 baht a year ago. This covers both expenses for traveling, eating out and making merit. However, the prices of flowers and Krathong baskets have increased from the previous year.

 

-- © Copyright NNT 2019-11-10

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[RotBenz8888]

58 minutes ago, rooster59 said:

However, the prices of flowers and Krathong baskets have increased from the previous year.

Is there anything that hasn't increased in price?