• 
• 

Published on December 28, 2007

Last year, spending rose only 5 per cent to Bt69.4 billion over the New Year season. However, spending this year will still be low, as the figure should be more than 10 per cent or double the growth in gross domestic product, which is expected to increase by 4.5-5 per cent next year, said Thanawat Phonwichai, director of the university's Economics and Business Forecasting Centre.

He urged the new government to form the an economic team to boost economic growth as its first priority.

"Rising goods prices in the New Year period will increase the value of this year's spending, although people's behaviour is likely to remain the same as it was last year," said Thanawat.

Bangkok residents are expected to spend Bt34.62 billion, while provincial outlay should reach Bt39.32 billion. People aged 20-29 tend to spend the most at Bt9,204 each, followed by those in the 30-39 age bracket at Bt8,597, the under-20s at Bt6,678, the 40-49 group at Bt4,899, those above 60 at Bt4,632 and the 50-59 group at Bt4,253.

Unlike previous years, the trend is for consumers to use more of their savings instead of salaries for New Year spending. The shift reflects slow economic growth this year, Thanawat said.

The survey covered 1,214 people nationwide of all ages and was conducted this past Monday and Tuesday.

Some 47.9 per cent of respondents use money from deposit accounts for New Year spending, with 32.3 per cent accessing salaries and 14.8 per cent using bonuses and extra income.

The poll found most consumers planned to spend money on the same sort of things they did during last year's New Year festival.

Sixty-five per cent of respondents said they would stay home, while 35 per cent said they would be travelling.

People will also travel abroad more than last year. Of the respondents who said they would travel, 5.9 per cent said they would go abroad, while only 2.8 per cent travelled abroad last year.

Thais will spend Bt34.295 billion for domestic travel and Bt14.929 for overseas travel. On a per-capita basis, people will spend an average of Bt6,533 for domestic travel and Bt38,414 for overseas journeys during the New Year festival.

The most popular domestic destinations are Chon Buri, Chiang Mai, Nakhon Ratchasima, Bangkok, Ayutthaya and Loei.

Most respondents planning to spend the holiday in their hometown will spend their money on parties, merit-making and buying consumer goods, luxury goods and durable goods.

Popular New Year gifts are bakery products and snacks, food supplements, gift baskets, greeting cards, clothes, luxury items, alcohol and Otop (One Tambon One Product) items.

On the negative side, the poll showed that people were concerned about accidents, crime, traffic, sexual harassment and higher prices of consumer goods during the New Year celebrations.

Petchanet Pratruangkrai

 The Nation