BANGKOK – The Center for Economic and Business Forecasting (CEBF), University of the Thai Chamber of Commerce, expects this year’s Loy Krathong Festival to boost the economy.
The projected spending is 10 billion baht, which is the first time in 8 years that spending has exceeded 10 billion baht. The majority of people, 87.5 percent, believe that the Thai economy will improve, leading to more activity. However, people remain cautious in their spending due to high prices and expect the economy to recover in the second half of 2025.
According to Thanawat Polvichai, President of the University of Thai Chamber of Commerce and advisor to CEBF who held press conference on November 23, the Thai economy has recovered from the negative impact of the COVID-19 pandemic and is expected to grow by 1.5 per cent in 2021 and 2.6 per cent in 2022. It is expected to reach 2.4-2.5 per cent this year.
As for Loy Krathong activities, a survey shows that 67.3 percent plan to participate, with 26.1 percent seeking blessings and 21.3 percent wanting to reduce stress. The remaining rest, 23.1 percent and 9.6 percent said they are not sure and will not participate in the event respectively.
The majority, 94.8 percent, will not be traveling outside their provinces. Activities such as eating out, socializing, collecting merits and traveling to other provinces are more prevalent compared to previous years.
For those who do not participate, concerns about unexpected events (27.2 percent) and the desire to save money (20.2 percent) are the main reasons. The average planned expenditure for this year is 2,075 baht per person, which is higher than last year (1,920 baht). The most important sources of money are salaries and income (74.1 percent) and savings (20 percent).
At the same press conference, CEBF Deputy Director Ms Umakamol Sunthornsuratti discussed the public’s attitude towards the digital wallet policy. The majority (77.3 percent ) agree with it, while 22.7 percent disagree.
As digital wallet registration is concerned, 71.6 percent are willing to register their details while 28.4 percent are unwilling due to concerns over data disclosure and unwillingness to incur debt.
Opinions are divided when it comes to the digital wallet stimulus package. 50.6 percent oppose it due to concerns about long-term debt and the ease of corruption, while 49.4 percent support it, emphasizing the economic stimulus, help for low-income individuals and ease of reform.
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Enjoy the Loy Krathong Seven-Course Tasting Menu at Ekkaluck
