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8 Apr, 2016

Public spending on Thai New Year holiday will likely hit three-year high

BANGKOK, 7 April 2016 (NNT) – The Center for Economic and Business Forecasting has forecast that the public spending during the Songkran festival this year will be over 124 billion baht—the highest in three years—due to government’s stimulus measures.

The Center for Economic and Business Forecasting conducted a survey on public spending on the Songkran days 2016. It found that the Songkran atmosphere this year would be bustling with a 4.51% increase in public spending compared to last year. Most of the respondents said they planned to have a trip and might spend around 4,600 each. Those who planned to visit their hometown only will spend the most on Songkran celebration and merit making.

The center’s director Thanawat Polvichai said Songkran this year would be lively since the holiday was spread to five days. The government’s stimulus measures made people feel more confident to spend but drought made them more careful with their spending.