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 Russia Herald.

More Information

8 ℃

Fair in Moscow/Vnukovo

Business

Section

Violent pitching on business jet kills passenger over New England

WASHINGTON D.C.: The US National Transportation Safety Board has said that after an automated cockpit warning that switched off a ...

China economy remains slow as industrial profits down 4% in 2023

BEIJING, California: As the world's second-largest economy is still struggling to fully recover from the long-term effects of COVID-19, most ...

U.S. industrial stocks advance Monday, techs lag

NEW YORK, New York - Bank shares were being bought up on Monday as U.S. industrial stocks kicked the week ...

With eye on travelers, US reduces airline requirements at airports

WASHINGTON D.C.: To address summer airport congestion and low air traffic controller staffing levels, the Federal Aviation Administration (FAA) said ...

Canada tells Biden it will spend more on Great Lakes water quality

OTTAWA, Canada: After a meeting between Canadian Prime Minister Justin Trudeau and US President Joe Biden, Ottawa has pledged to ...

Closing of SVB Bank causes fall in deposits in small US banks

NEW YORK CITY, New York: Deposits at small U.S. banks throughout the country dropped the most since 2007 after the ...

World

Section