Spending for New Year season to hit almost Bt138 billion

By THE NATION

 

File photo//TODAY

 

Thais are expected to spend around Bt137.8 billion this New Year season, up 1.9 per cent, according to a University of Thai Chamber of Commerce (UTCC) survey.

 

The expansion is the lowest in 14 years, UTCC president Sauwanee Thairungroj said on Tuesday (December 24).

 

The university conducted the survey on 1,223 respondents.

 

Bt11 billion is expected to be spent on parties, Bt9.61 billion on merit making, Bt17.43 billion purchasing consumer products, Bt1.16 billion on luxury products, Bt60.44 billion on domestic travel and Bt35.84 billion on overseas trips.

 

The low expansion reflects Thais’ cautious spending due to their concern over a softening economy, said Thanawan Polvichai, director of the UTCC Centre for Business and Economic Forecasting.

 

Source: https://www.nationthailand.com/business/30379803

 

-- © Copyright The Nation Thailand 2019-12-25

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Money must be rolling in, not in my village, but somewhere.

Edited December 25, 20196 yr by ramrod711

4 hours ago, webfact said:

Bt11 billion is expected to be spent on parties, Bt9.61 billion on merit making, Bt17.43 billion purchasing consumer products, Bt1.16 billion on luxury products, Bt60.44 billion on domestic travel and Bt35.84 billion on overseas trips.

So, let me get this straight - I'm not an Einstein mathematician - about the same  money is going to spent by Thais running off abroad than on New year parties, merit making and consumer goods this holiday season ? That to me does not spell well for the Thai economy !

The article  is misleading it makes out it is a rise in spending and the article states otherwise. 

Surely this money will be spent by 1% of the population (rich), the others have no money!

Who spending on what? The gov spending in submarines, subsidised rice and rubber pillow schemes, enriching themselves, hi-so's milking the country for what its worth.....the list just goes on.

My prayer for the New Year is, Elighten the minds of those in power to join us in the 21st Centuary please, or you will get trodden underfoot by economics and reality.

5 hours ago, webfact said:

The university conducted the survey on 1,223 respondents

So based on the above people they can come up with an accurate figure of the whole populous?

Thai education is in a worse mess than I ever imagined!

 

5 hours ago, webfact said:

Bt9.61 billion on merit making,

Would it not be better spent on food or clearing their debt?

Never have I known a country so obsessed with money. Even when they mention tourists numbers its always along side money estimates. It would be nice to know or appreciate that we are a person before a figure - but hey I've only been here 23 years.

3 hours ago, Inepto Cracy said:

Who spending on what? The gov spending in submarines, subsidised rice and rubber pillow schemes, enriching themselves, hi-so's milking the country for what its worth.....the list just goes on.

My prayer for the New Year is, Elighten the minds of those in power to join us in the 21st Centuary please, or you will get trodden underfoot by economics and reality.

If you read the article, it tells you on what. by who.

3 hours ago, hotchilli said:

So based on the above people they can come up with an accurate figure of the whole populous?

Thai education is in a worse mess than I ever imagined!

 

How else do polls work around the world, plus, the article starts with 'Thais are expected to.....' not Thais will.

Whose money is that 138 Billion???????....... It must be foreigners money (even when Thais are spending it).... LOL... I live in the USA but have a Mia-Noi in Thailand and I just told her I want her to buy food and drink for the 'HUGE village Family' to enjoy for Happy New Year On the 3 credit cards that I have provided her, and she has never abused.... I also have a Kasikorn account so I can make transfers while I am in the USA... Those transfers are made to a couple 'KIKs' who have babies that 'Thai men' aren't supporting.... SO I send Milk money for the babies a couple or three times a month.... ALL OF THIS IS FARANG MONEY..... Being spent in Thailand by Thais... THERE MAY BE OTHER FARANGS, such as myself.... and a few 'rich Thais'... But I can't see 138 Billion being spent... other than Farang money......

MAYBE 'MORE' FAKE NEWS........... OR......

Perhaps they are including in these figures what the PM is spending on Submarines and the 'Tanks' that will be used to 'enforce political disagreements on the streets of Bangkok'

21 hours ago, PatOngo said:

Would it not be better spent on food or clearing their debt?

I find that Thais live for the day and spend with the same attitude, Putting money aside for a rainy day or forthcoming  debt to pay is looked on in disdain when I suggest this. 

22 hours ago, nev said:

The article  is misleading it makes out it is a rise in spending and the article states otherwise. 

It is a rise but

On 12/25/2019 at 3:46 AM, webfact said:

lowest in 14 years

 

On 12/25/2019 at 3:46 AM, webfact said:

low expansion reflects Thais’ cautious spending due to their concern over a softening economy

So the good news is that the Prayut regime has yet to bring the economy to a standstill.

• Bangkokians plan to spend approximately Bt29.8 billion during the New Year festival 2020, a contraction of 3.2 percent compared to last year

It took Yingluck's economic sprint back to a walk, then to a limp. Hooray.

Another victory:

Farmers’ happiness index in 2018 has improved from the previous year; yet

• Household debt in Thailand has hit a record high of Bt340,000 per household, an increase of 7.4 per cent over last year at this time