Chinese NY spending a new high in 8 years
Spending during the Chinese New Year is estimated at Bt45 billion, the highest in 8 years, buoyed by higher consumer confidence in the economic outlook as well as the minimum wage hike, according to a survey.
The University of Thai Chamber of Commerce’s survey, covering 1,200 respondents, showed that this year’s spending would increase by 12.1 per cent from the previous year. The Bt45 billion amount is the highest since 2006.
Nearly half of the spending, Bt16.9 billion, will take place in Bangkok and peripheral provinces, which shows a 13.7 per cent growth rate. Following are the Northeast, Bt6.98 billion, up by 9.9 per cent; the Central, Bt10.7 billion or 11.1 per cent; the North, Bt4.4 billion or 10.9 per cent; and the South, Bt5.9 billion or 12.1 per cent.