UTCC Projects 9.7 Billion Baht in Loy Krathong Cash Flow This Year

[webfact]

 

by Paul Rujopakarn

    
BANGKOK (NNT) - Thailand’s ongoing economic recovery has convinced the University of the Thai Chamber of Commerce (UTCC) to revise its forecast on money circulation during this year’s Loy Krathong festival.

 

The university’s Center for Economic and Business Forecasting (CEBF) predicts 9.7 billion baht will be circulated during the festival - the highest level in 10 years.

 

UTCC President Dr Thanavath Phonvichai noted that the improved pandemic situation enabled the Thai economy to recover faster, allowing for more energized Loy Krathong celebrations.

A survey of about 1,200 respondents found that 67.6% of respondents plan to engage in Loy Krathong activities. Meanwhile 76.1% expect to float krathong baskets while 34.9% intend to dine out. 43.5% also hope to make merit and 39.9% plan to visit Loy Krathong festival venues.

 

Only 9.9% of those surveyed say they will not be participating in Loy Krathong festivities, down significantly from last year’s 31.1% figure.

 

The survey also found that people were prepared to spend 1,900 baht on average during the festival, up from last year, with expenditures to include commuting, dining out and socializing. The CEBF therefore expects circulation to reach 9.7 billion baht this year. The 6% expansion over the previous year would thus take Loy Krathong cash flow to a 10-year peak.

 

Dr Thanavath said the average global oil price of US$100 per barrel means people are able to travel and spend more cautiously. Tourism activity and consumer spending are also projected to rise from now until the New Year period. With at least 10 million foreign tourist arrivals currently expected this year, the CEBF believes Thailand’s GDP will expand by 3.3-3.5% in 2022. It further predicts growth of 3.5-4% in 2023.

 

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221106095544569

 

-- © Copyright NNT 2022-11-07

 

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[hotchilli]

7 hours ago, webfact said:

A survey of about 1,200 respondents found that 67.6% of respondents plan to engage in Loy Krathong activities. Meanwhile 76.1% expect to float krathong baskets while 34.9% intend to dine out. 43.5% also hope to make merit and 39.9% plan to visit Loy Krathong festival venues.

I'll have my usual beer... 

[ozz1]

Yes fill the waterways up with non biodegradable material fantastic just spend some money ok

[trainman34014]

Our Household will be contributing........ZERO !

[jacko45k]

2 hours ago, hotchilli said:

I'll have my usual beer... 

My Mrs has gone off to Buffalo shxt village to see her mother....took the toenail clippings and some hair off my chest with her. The guy with the little bar in the village will miss my patronage tonight... maybe.

[internationalism]

It's not even public holiday. 
Everybody will be celebrating but I don't see how they would spend 1900b on mainly food, evening meal. It's not an extended weekend, it's just a normal working day. 
Why would they spend more this year than in the previous 10 years, when economy, social life and entertainment were on larger scale?

That"s not logical. 

[2baht]

I predict Willy Wonker will give up on chocolate and devote his energy to Kratongs if they generate that much income!