Consumer spendings during the upcoming Makha Bucha religious holiday February 13 will be the highest in six years, a survey by the Center for Economic and Business Forecast with the University of the Thai Chamber of Commerce revealed yesterday.
But on the other hand, consumer spendings during the Valentine’s Day February 14 will be the lowest in 10 years, the center said.
The center conducted a survey on consumer spendings on the coming Makha Buccha holidays and found it will generate cash flows of 3,181 billion baht, the highest in six years.
This represents a 19.4 % increase or an average of 2,448 baht per person.
It said most of the spending will be to make merit and travel.
Significantly, the center said that this year’s holidays is the first time that the public is given the option of ordering merit making gifts online.
This will stimulate about 2.7% of consumers to chose the online option.
Meanwhile survey on spending trend for Valentine’s Day also showed that approximately 3.7 billion baht in cash flows will be generated.
But this represents only a 0.87 % increase over last year which is the lowest increase in a 10 year period.
The center said that most people who were polled felt that the national economy was getting worse and to reduce risks, they have decided to save on spending.
On average each person will spend 2,262 baht on gifts and dining.
The center added that the statistics showed that spending during Makha Bucha will outstrip Valentine’s Day by 49.1%.
Source: Thai Public Broadcasting Service (Thai PBS)