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Songkran spending projected to hit B132bn

BANGKOK: Robust economic growth and a fervor for Thai tradition have led to estimates that over B132 billion will circulate this Songkran holiday, the highest figure in 13 years.

tourismcultureeconomics
By National News Bureau of Thailand

Friday 13 April 2018, 10:20AM


Thanawat Polwichai from the University of the Thai Chamber of Commerce predicted Songkran spending this year to reach a record B132 billion. Photo: NNT

Thanawat Polwichai from the University of the Thai Chamber of Commerce predicted Songkran spending this year to reach a record B132 billion. Photo: NNT

Director of the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce, Thanawat Polwichai, reported the findings of a survey into Songkran consumption that found 81.5% of respondents intend to travel and spend more this year than last.

Up to B132 billion is expected to be circulated during the holiday, 3.5% up from last year and the highest amount in the 13 years the survey has been conducted, Mr Thanawat said.

The record spending was attributed in part to the 5-6 day holiday as well as the recent popularity of a Thai period soap opera.

However, Mr Thanawat warned that economic growth in Thailand has been concentrated in particular areas with the agricultural sector still suffering from slumping prices.

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He projected overall growth this year at between 4.2-4.6% on the back of tourism and exports, as well as government investment which is to bring about clear results in the third quarter.

Asked who they would most like to perform the Songkran water pouring ritual on, members of the public chose Prime Minister Gen Prayut Chan-o-cha in the politician category and Thonawat Wattanaphum and Bella Ranee of Bupesannivas fame in the celebrity category.

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