It is estimated that Songkran spending in 2018 will hit the highest level in 13 years.
The director of the Economic and Business Forecasting Center at the University of the Thai Chamber of Commerce, Thanavat Phonvichai, said that the latest survey of Thai consumer behavior found that 81.5 percent plan to spend more than last year during this Songkran holiday, reported NNT.
The expected spending plan is set to inject into the local economy over THB132 billion – a 3.5 percent rise from a year ago.
Thanavat said that this forecast amount is the highest recorded during the Songkran festival in 13 years, partly due to this year’s long holiday of five to six days that allows people to travel and spend more.
Thailand’s 2018 GDP is projected to expand at a rate of between 4.2 percent and 4.6 percent, thanks to growing tourism and exports as well as public investment.
