UTCC anticipates record-high consumer spending during Chinese New Year

[webfact]

UTCC anticipates record-high consumer spending during Chinese New Year



BANGKOK, 8 February 2016 (NNT) - The University of the Thai Chamber of Commerce (UTCC) has revealed in its recent survey that Thai-Chinese people will spend around 52 billion baht during the Chinese New Year celebrations.

According to the survey by the UTCC Center for Economic and Business Forecasting, consumer spending is estimated to reach a record high, with a growth of 4.1% year-on-year.

This is due to an increase in the consumer confidence index and the higher prices of fresh foods and ceremonial items. The respondents who took the survey said they believed the economy is recovering. Business owners said they had begun generating more profit.

The average Chinese New Year reveler will spend 11,000 baht on holiday tourism, 4,300 baht on traditional red envelopes, 4,000 baht on ceremonial goods, and 1,900 baht on merit-making activities.

Around 83% of those surveyed said they were planning to travel domestically and internationally. Popular overseas destinations for Thai holidaymakers include Hong Kong, China, Malaysia and South Korea.


-- NNT 2016-02-08

[Hawk]

Yet again, the happy dribble.

Damn price of everything keeps going up, that is the only reason why people spend more.

[DrTuner]

83% wants to travel. I guess the yearly migration is in the genes.

[Thian]

Most Thai-Chinese shops are closed these days so they'll have to spend it in the Thai-Thai owned shops i guess.

[Srikcir]

How are higher prices for fresh foods and ceremonial items good for the economy?

Unless there is price gouging, profit margins will decrease.