Chinese New Year spending in Thailand set to hit decade high

[snoop1130]

 

The upcoming Chinese New Year festival, set to start on Thursday, February 8, is predicted to witness the largest financial outlay by Thai locals in over a decade, thanks to the nation’s economic resurgence following the pandemic’s impact.

 

The annual survey conducted by the University of the Thai Chamber of Commerce (UTCC), monitoring consumer expenditure during the festival, foresees a 10.1% rise to 50 billion baht (US$1.39 billion), compared to last year’s 45 billion baht (US$1.25 billion).

 

Thanavath Phonvichai, UTCC President, acknowledged the unevenness of the economic recovery but noted an increased propensity for travel planning and higher spending. Consequently, this year’s Chinese New Year spending could surpass that of 2023.

 

The festival is expected to attract between 800,000 to 1 million international visitors to Thailand, contributing an additional 5-10 billion baht to the national economy. This could potentially elevate the overall festival spending to an estimated 60 billion baht (US$1.67).

 

If a tourist influx surpasses these estimates, festival expenditures might rise to a staggering 70 billion baht. The Chinese New Year is the third most significant festival for consumer spending, preceded only by the New Year and Songkran festivities, Thanavath explained.

 

By Alex Morgan

Caption: Photo courtesy of Wichan Chareonkiatpakul

 

Full story: The Thaiger 2024-02-06

 

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[KannikaP]

1 million visitors spending 5 - 10B = 5 - 10,000 per visitor. Not a large increase in the GDP!

[Gknrd]

TAT doing what it does best. 

[smedly]

how about waiting until after th event instead of your crystal ball pedictions

[Pi Tao]

No word.😁

[sometime]

The old saying what goes up must come down

[BenStark]

The annual survey conducted by the University of the Thai Chamber of Commerce (UTCC), monitoring consumer expenditure during the festival, foresees a 10.1% rise to 50 billion baht

 

This could potentially elevate the overall festival spending to an estimated 60 billion baht (US$1.67).

 

If a tourist influx surpasses these estimates, festival expenditures might rise to a staggering 70 billion baht

 

Hey why they stopped there? They ran out of advertising space?

 

I could easily have given some more suggestions to reach 80 - 90 - 100, maybe even 150 billion baht

[NE1]

2 hours ago, snoop1130 said:

is predicted to

 

2 hours ago, snoop1130 said:

spending could surpass that of 2023.

 

2 hours ago, snoop1130 said:

The festival is expected 

 

2 hours ago, snoop1130 said:

This could potentially elevate the overall festival spending to an estimated 60 billion baht (US$1.67).

 

2 hours ago, snoop1130 said:

If a tourist influx surpasses these estimates, festival expenditures might rise

 

So nothing definite then.....😛

[hotchilli]

12 hours ago, snoop1130 said:

The upcoming Chinese New Year festival, set to start on Thursday, February 8, is predicted to witness the largest financial outlay by Thai locals in over a decade, thanks to the nation’s economic resurgence following the pandemic’s impact.

What resurgence, most Thais I know are strapped and watching every baht spent.

[hotchilli]

11 hours ago, Gknrd said:

TAT doing what it does best. 

BS

[jacko45k]

It is all about the rubbing together of greedy grubby hands these days, talking of making more money. But if we are to get a 21 day Songkran, fireworks and drunks on Na Jomtien beach, and yet more cars coming into town... the place will choke itself into stagnation. 

[Henryford]

I thought the Chinese economy had collapsed. Do 1 million Chinese still have money for a holiday in Thailand, and buying a new condo while they are here !!

[newnative]

On 2/6/2024 at 6:50 PM, Gknrd said:

TAT doing what it does best. 

Actually, UTCC, not TAT.