Report sees $1.36 billion in spending during Thai Lunar New Year

Robert Besser
25 Jan 2023, 04:35 GMT+10

Consumer spending in Thailand over the ongoing Lunar New Year period could increase 13.6 percent to $1.36 billion, which would represent a three-year high
The estimated spending compares with $1.2 billion last year, Thanavath Phonvichai, president of the university, told a briefing
China's reopening raises hopes for the return of Chinese visitors, who accounted for nearly one-third of Thailand's 40 million foreign tourist arrivals in pre-pandemic 2019

BANGKOK, Thailand: Consumer spending in Thailand over the ongoing Lunar New Year period could increase 13.6 percent to $1.36 billion, which would represent a three-year high, according to the Thai Chamber of Commerce.

The estimated spending compares with $1.2 billion last year, Thanavath Phonvichai, president of the university, told a briefing.

"This Lunar New Year will be the most active in three years," he said, as quoted by Reuters, adding that the projected 13.6 percent spending growth this year would be the highest in 15 years.

"People are ready to spend, though some with lower incomes are cautious," he added, citing a consumer spending survey conducted by the university.

Lunar New Year celebrations normally signal a jump in spending by many Thais and visitors from China and other parts of Asia.

China's reopening raises hopes for the return of Chinese visitors, who accounted for nearly one-third of Thailand's 40 million foreign tourist arrivals in pre-pandemic 2019.

The government expects at least five million Chinese tourists this year, with some 300,000 during the first quarter.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Taiwan Sun.

More Information

22 ℃

Mostly Cloudy in Taipei/Songshan

Business

Section

U.S. stocks close higher after volatile day, dollar dives

NEW YORK, New York - U.S. stocks closed in positive territory despite a volatile day Tuesday. Spending much time in ...

Salmonella cases force recall of more cantaloupe brands by FDA

WASHINGTON D.C.: On November 24, the U.S. Food and Drug Administration (FDA) recalled three more brands of whole and pre-cut ...

EV sales in US up 9%, still below many countries

DETROIT, Michigan: US electric vehicle (EV) sales are expected to reach a record of 9% of all passenger vehicles this ...

U.S. stocks weaken as traders return after Thanksgiving

NEW YORK, New York - U.S. stocks closed marginally lower as traders returned to their desks Monday following the Thanksgiving ...

Warren Buffett gives away Berkshire stocks worth $866 million

OMAHA, Nebraska: On November 21, Warren Buffett announced a donation of Berkshire Hathaway stocks worth some US$866 million to four ...

Hawaii looks to streamline travel process for Japanese visitors

HONOLULU, Hawaii: The islands' leaders are working on streamlining the travel process for Japanese tourists, making it more convenient for ...

International

Section