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Published on November 23, 2007

A business poll by University of the Thai Chamber of Commerce released yesterday also reported that during the Loy Krathong Festival alone, spending should increase 5 per cent from last year to Bt8.2 billion, mainly due to the recovery in revellers' sentiments.

Thanavath Phonvichai, director of the university's Economic and Business Forecasting Centre, said that consumer spending would increase significantly during the remaining month.

In November alone, spending is expected to reach Bt20 billion, including spending from the Loy Krathong Festival, and will surge to Bt30-35 billion next month with important events in the country, said Thanavath.

Extravagant spending at the end of the year has prompted Thanavath to reaffirm that the Kingdom's economy will grow by 4-4.5 per cent this year.

Despite skyrocketing oil prices, soon-to-be-floated cooking gas prices and increasing consumer goods prices, people will hardly be impacted by these problems as they expect recovering economic growth after the election, added Thanavath.

Yajai Chuwicha, head of the Chamber Business Poll, said that the survey found that on a per-capita basis Thais would spend an average of Bt820 during Loy Krathong, an increase of 6.5 per cent from last year's festival. The source of spending will be from salaries, savings, bonuses and other sources.

Yajai pointed out that people are likely to spend more savings this year because their salaries are still the same while they feel that the cost of living is increasing, but their sentiment is that they still want to join the festival.

Some 1,177 people from each region of the country were surveyed, from November 16-19. The survey showed that 68.7 per cent of respondents planned to participate in the festival, while 31.3 per cent said they would not.

The survey showed that if people could pray at Loy Krathong, they said they would do so for a growing economy, peace, health and a highly efficient government.

Petchanet Pratruangkrai

The Nation