The most active lunar New Year in Thailand
2023.01.19 02:48
The most active lunar New Year in Thailand
By Kristina Sobol
Budrigannews.com – A university survey found on Thursday that Thailand’s consumer spending over the Lunar New Year period could rise 13.6% to 45 billion baht ($1.36 billion), a three-year high, as the economy recovers and China’s border reopening boosts tourism.
The assessed enjoying contrasts and 39.6 billion baht last year, Thanavath Phonvichai, leader of the College of the Thai Office of Business, told an instructions.
He added, “This Lunar New Year will be the most active in three years,” and that spending growth of 13.6% this year would be the highest in 15 years.
He went on to say, “People are ready to spend, though some with lower incomes are cautious,” citing a university survey on consumer spending.
During the Lunar New Year celebrations, many Thais and visitors from China and other parts of Asia typically increase their spending.
Hopes for the return of Chinese tourists, who accounted for nearly a third of Thailand’s 40 million foreign tourists prior to the pandemic in 2019, are raised by China’s reopening.
At least five million Chinese tourists are anticipated by the government this year, with roughly 300,000 arriving in the first quarter.
According to Thanavath, businesses are also optimistic about China’s reopening, which would benefit tourism and employment in Southeast Asia’s second-largest economy. He predicted that the economy would grow by 3.6 percent this year, compared to an estimated 3.3 percent growth in 2022.
The most recent official GDP data is due next month.
