How Has The Global Economic Meldown Impacted Farang "spendiness"?

[Jingthing]

The global economic meltdown is hitting all of us in different ways. I think it is mostly negative but there are also always winners during times of change and crisis. For some this means a weaker currency, deflated assets, or both. How, as a farang expat, long term stayer, or tourist or potential tourist has this impacted your SPENDING levels IN Thailand?

Edited November 23, 2008 by Jingthing

[girlx]

I think I am in denial as I am still spending the same! It has been a long time since I have had to watch my spending. However I am sure that will change as my contracts from the States start dropping off, if they do!

[mommysboy]

The global economic meltdown is hitting all of us in different ways. I think it is mostly negative but there are also always winners during times of change and crisis. For some this means a weaker currency, deflated assets, or both. How, as a farang expat, long term stayer, or tourist or potential tourist has this impacted your SPENDING levels IN Thailand?

According to a headline in Bangkok Post, tourism grew this year.

Er, well, anybody know anybody know any polite expressions? as the only one that springs to mind involves excrement from male livestock.

[Jingthing]

My impression is the meltdown hasn't hit Thailand as severely YET as the USA and Europe. But it sure to hit most of the world, including the oil producing countries. Unlike the Tom Yum crisis in the late 90's, this didn't start in Thailand, it started in the US.

[britmaveric]

Spending the same I'm afraid - luckily this bit of trouble affects me little.

[kiakaha]

some of my overseas investment income has been a bit volatile, but i keep that overseas, so zero effect on me in thailand.

my day to day spending money comes from my baht salary, so nothing has changed at all.

[siam4ever]

The 1997 crisis was a wonderful time to be in Thailand and the current situation brings equally good news! These forces don't always align so I hope everyone takes advantage of it this time and enjoys!

[Jingthing]

The 1997 crisis was a wonderful time to be in Thailand and the current situation brings equally good news! These forces don't always align so I hope everyone takes advantage of it this time and enjoys!

Glad you like it! So sad for you to have missed the tourism opportunities of the great depression, a great time then to visit New York to buy apples and pencils ... and Oklahoma for ... dust.

[LaoPo]

The global economic meltdown is hitting all of us in different ways. I think it is mostly negative but there are also always winners during times of change and crisis. For some this means a weaker currency, deflated assets, or both. How, as a farang expat, long term stayer, or tourist or potential tourist has this impacted your SPENDING levels IN Thailand?

According to a headline in Bangkok Post, tourism grew this year.

Partly correct...BUT:

"International Tourist Arrivals declining:"

http://www.thaivisa.com/forum/2008-Thailan...34#entry2349934

I agree with Jinghting in his previous post #4....the crisis didn't hit Thailand YET but it will damage Thailand severely and worse than anyone expects but people in Thailand will only starting to notice in the coming 1 to 2 months with the big blow hitting them in 2009.

LaoPo

[vagabond48]

Since I still have a habit of spending less than my budget allows, I am trying hard to spend more.

[jubby]

I need to start cutting down on a few non essentials. I haven't done yet, but its definately the sensible way to go.

It can only be a tiny minority of us who are not affected. Most of us I suspect are expecting a pension at some stage in the future. Its easy to say it doesn't affect you , but is your pension fund healthy ? I suspect most are not. I don't think people realise how bad this could get. Some of the biggest banks in the world are on the verge of collapse, not to mention huge auto industry players; they won't let it happen right ! ?, Something has to give . If your sitting on a load of cash in a strong currency then its happy days I suppose.

[dogleg]

I'm having to take on extra work to compensate for the Pounds Sterling shortfall. Luckily?, this keeps me out of the bars for 2 nights per week so spending is down too.

No noticable change to the beer gut yet though!

[palm]

Spending the same I'm afraid - luckily this bit of trouble affects me little.

Me too, and in fact October 08 was my highest monthly income for some time.

[GuestHouse]

We're planning some spending on developing one of our properties. This will be funded by Bht earned in Thailand so the exchange rate is not an issue. However, we are putting this work on hold for a few months to allow the slow down to work its way through to builder's quoted prices.

It's a buyers market and cash is King.

[Maizefarmer]

Don' think it has really - Thailand has always been a bit of budget destination for most visitors hasn't it?

[patklang]

Not affected me yet,my bank account is healthy for another 2 years min,as i8 bought thai baht at 74.9 a couple of years ago.my investments are down but dont need to touch any for 2 years min.if the sh hits the fan i have house i can sell so not too many worries,and i dont pay 120 baht for a sangsom/coke in gogo bars when i can pay 35-50 baht anywhere else.only drink 2 days a week and dont smoke and eat mainly thai food so no effect realy.

[Jingthing]

Don' think it has really - Thailand has always been a bit of budget destination for most visitors hasn't it?

The votes say differently. For expats it isn't a destination, it is where we live. It really depends on your personal money situation and perhaps the situation of your home country if you are still tied to it economically, of course. I do think that Thailand so far has not been hit YET as badly as the countries where the meltdown started. The banks haven't failed here, there is no rash of foreclosures, though the stock market is down, there have been job losses and I think the writing is on the wall for softer spending from tourists (even the Russians are hurting now). The biggest problem here still seems to be political instability.

Edited November 24, 2008 by Jingthing

[apetley]

Spending is down marginally purely because the economic downturn makes you think carefully about expenditure. All except for one thing that is.

The pool we have planned for our new house has been put on hold in the hope the rate will pick up.

It's a luxury and luxuries can wait.

[JAS21]

The global economic meltdown is hitting all of us in different ways. I think it is mostly negative but there are also always winners during times of change and crisis. For some this means a weaker currency, deflated assets, or both. How, as a farang expat, long term stayer, or tourist or potential tourist has this impacted your SPENDING levels IN Thailand?

Spending about the same but moaning more! The uk£ dropping from 70ish down to where it is now effects anyone bringing money into Thailand no matter how much you have. I bought the house at 72, the car at 69 and now the diesel at 52. I just think boll-cks, my kids will only buy new cars so why not spend some savings.

[JimsKnight]

Don' think it has really - Thailand has always been a bit of budget destination for most visitors hasn't it?

The votes say differently. For expats it isn't a destination, it is where we live. It really depends on your personal money situation and perhaps the situation of your home country if you are still tied to it economically, of course. I do think that Thailand so far has not been hit YET as badly as the countries where the meltdown started. The banks haven't failed here, there is no rash of foreclosures, though the stock market is down, there have been job losses and I think the writing is on the wall for softer spending from tourists (even the Russians are hurting now). The biggest problem here still seems to be political instability.

Good poll Jingles,

For me Its a strange luxury, I have lots more cash than before, but the £ is piss poor, interest rates are down and I no longer come to LOS as a tourist anymore.

So its like, yes I can spend spend but then I'd be running the engine and draining the tank too quick with few reservoirs around to replenish the funds as easy.

I've noticed that on the night 'scene' there are far less singletons and many more couples. They spend a lot less and usually leave after one drink and go home.

So there is difference on that one.

Hotels have fewer people in them too.

Things are bit more expensive (but not by much) so thats another crank on the rack.

Lower interest rates mean nest eggs aren't laying golden eggs and crucially for the contruction industry (which a lot of my buddies are into) there are no guarentees and work is drying up.

So I'd say that unless they are lucky enough to be in solid work out in Thailand then times are a lot tougher.

[Jingthing]

We are getting more expat votes here than tourists, but the pattern is clear. Maybe now is a good time for Thai immigration to LOOSEN UP the visa rules? For example, the day counting absurdity imposed on visa runners. Isn't spending something at backpacker levels better than nothing?