Robert Besser
25 Jan 2023, 04:35 GMT+10
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.
Get a daily dose of BC Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to BC Post.
More InformationWARSAW, Poland: As part of European Union (EU) sanctions imposed against Russia over its invasion of Ukraine, Poland banned all ...
MONTGOMERY, Alabama: Last week, Alabama's school chief, Superintendent Eric Mackey, said that under new reading benchmarks to move to fourth ...
WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...
ARLINGTON, Virginia: This week, the U.S. State Department approved the potential sale of drone-related munitions and other systems to Canada ...
BETHESDA, Maryland: This week, the US National Institutes of Health (NIH) said that it started early-stage human trials on FluMos-v2, ...
MAUI, Hawaii: Hawaii Governor Josh Green has announced that the death toll from last month's deadly fire on Maui has ...
(Photo credit: Scott Taetsch-USA TODAY Sports) With only nine games remaining in their pursuit of first place in the American ...
(Photo credit: Rob Schumacher/The Republic / USA TODAY NETWORK) Corbin Carroll had four hits, scored three runs and stole two ...
(Photo credit: Kirby Lee-USA TODAY Sports) Rookie right-hander Reese Olson gave up one run over six innings as the visiting ...
(Photo credit: Trevor Ruszkowski-USA TODAY Sports) Indiana head coach Tom Allen expects more from his defense. The Hoosiers (1-2) had ...
(Photo credit: Thomas Shea-USA TODAY Sports) Houston continues its season-opening run of games against in-state rivals when it plays host ...
(Photo credit: Jim Dedmon-USA TODAY Sports) The Carolina Panthers' 20-17 loss to visiting New Orleans on Monday night turned out ...