BANGKOK, 14 July 2019 (NNT) - Thanawat Pholwichai, director of the University of Thai Chamber of Commerce’s Center for Economic and Business Forecasting, said the people are expected to spend some 6.7 billion baht on Asalha Puja Day and Buddhist Lent Day this year, accounting for a 3.5% increase from last year. Most plan to spend money on leisure trips and merit-making activities on the public holidays.
Each person is expected to spend an average of 803 baht on merit-making and an average of 1,845 baht on partying. Each person is expected to spend an average of 4,514 baht on a domestic trip and an average of 21,600 baht on an overseas trip. The favorite destinations include Japan, Taiwan and Laos. Though the public holidays are not provided over the course of five consecutive days, many people have planned a day off on the upcoming Monday.
Though most people are still worried about the costs of living and the increased prices of goods, the new government is expected to take economic stimulus measures with some 50 - 100 billion baht circulated in the second half of this year. Besides, the government’s policies for farm goods and state welfare cards are expected to favor low-income earners and encourage them to spend.
The consumer confidence index in the second half of this year is expected to rise due to the new government’s economic stimulus policy.