Bt100 bn Circulation Estimated During Thai New Year: UTCC

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Bt100 bn circulation estimated during Thai New Year: UTCC

BANGKOK, April 4 – Thailand’s traditional New Year, Songkran, is projected to result in over Bt100 billion (US$3.3 billion) in circulation, according to a survey by the University of Thai Chamber of Commerce (UTCC).

Thanawat Polvichai, director the UTTC Business Forecasting Center, on Wednesday told a news briefing that the upcoming festival was likely to be the liveliest Songkran celebration in the past five years--since 2008--as spending is forecast to rise to Bt103 billion or a 7.1 per cent rise, year-on-year.

As a result of the 40 per cent minimum-wage hike and the recovering economy, Thai celebrants are expected to tend to spend the money on parties and celebration.

Thanks to the long Songkran festival, the centre’s director predicted that some holidaymakers would travel up-country to relax after the 2011 mega-flood.

However, some of survey respondents who remained worried about the higher goods and oil prices as well as the slow pace of economic recovery said that they plan to observe the holiday at home with family members and would spend carefully.

Meanwhile, spending on alcoholic beverages during Songkran was forecast to increase to Bt900 per person from Bt700 per person, compared to last year.

Regarding the car bombing at a hotel in Hat Yai last weekend, Dr Thanawat said that the devastating incident would not widely impact the overall economic outlook, explaining that the violence would only slightly affect the country’s economic expansion by 0.05-0.07 per cent.

On the other hand, the explosion would directly impact the economy in Songkhla.

Hotel room occupancies were projected to fall by 40 per cent with the number of hotel guests dropping by 10,000-15,000 persons, Dr Thanawat explained. He said that the damages amounted tgo Bt600-700 million ($20-23 million).

If there is no repeat of the violence, the Songkhla economy will recover in the next three months, the academic expected.

Meanwhile, Dr Thanawat also advised the government to control goods prices in the first half of the year to prevent rising inflation, saying the appropriate period for a goods price rise should be in the fourth quarter. (MCOT online news)

-- TNA 2012-04-04

[bigbamboo]

Who writes this stuff? I rather fancy most Thais, even those who are now on a massive 300 baht minimum will be more concerned with paying the ever increasing cost of living than partying.

[JeffreyMcCollum]

1538 baht for every man, woman, and child. Some more, and some, like me and my famiy less.

Then they say 900 Bt. per person for "alcoholic beverages"

I won't be spending any of that and I hope none of the children I know will either.

that is just over 600 baht (150 Bt) per day for everything else ?

[BrianCR]

1538 baht for every man, woman, and child. Some more, and some, like me and my famiy less.

Then they say 900 Bt. per person for "alcoholic beverages"

I won't be spending any of that and I hope none of the children I know will either.

that is just over 600 baht (150 Bt) per day for everything else ?

Relax, I'll drink your share oh, and I'll drink for the rest of your family and the children you know as well!

[BrianCR]

Who writes this stuff? I rather fancy most Thais, even those who are now on a massive 300 baht minimum will be more concerned with paying the ever increasing cost of living than partying.

Since when have Thai's shown any concern over anything other than what is happening right now! Have a drink on me and cool off.

[noitom]

Wow! 900 baht per person, every man, woman, and child over a three day holiday, is an astonishing statistic! One could easily conclude that this nation, Thailand, has a serious problem on its hands.

[ratcatcher]

Wow! 900 baht per person, every man, woman, and child over a three day holiday, is an astonishing statistic! One could easily conclude that this nation, Thailand, has a serious problem on its hands.

It does!