Chinese New Year spendings this year to be the highest in 10 years

Chinese New Year spendings this year by Thais of Chinese descent will exceed 50 billion baht, the highest in 10-year time.

According to the survey of the University of Thai Chamber of Commerce, this year’s Chinese New Year will see Thai people spending higher to celebrate the Golden Rooster New Year with a total spending of 54.9 billion baht expected.

Thanawat Polwichai, the director of the university’s Center for Economic and Business Forecasting, said a survey carried out to gauge spending by Thais of Chinese descent showed that it will be the highest in 10 years.

Compared to the 2016 survey, it represented a 4.5% increase.

The rise stemmed from the improved domestic economic situation which has provided local Chinese with increased earnings.

On average the survey expects 3,954 baht per person will be spent to buy offerings, 1,990 baht per person for making merit and 3,954 baht per person for ‘Ang Pow’ (cash gifts contained in red envelope).

The survey also found that the majority of increased spending will come from Chinese residents living in Bangkok, the central plains and eastern provinces who have benefited the most from the improved prices of agricultural produce and increased exports.

He said the survey also found that 17% of local Chinese will be spending less than before but this is however the lowest figure for a 6 year period.

Source: Thai Public Broadcasting Service (Thai PBS)

Post Author: tmadmin