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4 Apr 2013

Thai Economy

Bangkok Residents Spending THB31.5 billion over Songkran (Current Issue No. 2345)

Over the 2013 Songkran holiday, KResearch forecasts that the 5-day break should bring a livelier spending mood to the city amid a more exuberant festive atmosphere than in 2012. Although the rising cost of living and transportation hassles may cause concern for some residents, most will treasure this Thai tradition and are getting ready to enjoy the holidays. They have enough purchasing power to lay aside ;more” budget to splurge on things than during 2012. The majority of the city's residents will no doubt prefer to stay in the capital, but more people are planning to spend their holidays outside Bangkok this year because the break will be rather long.

KResearch predicts that spending during this Songkran will be over THB31.5 billion, rising 10.5 percent YoY. Of that total, THB25.5 billion will likely be spent domestically, while THB6 billion is expected to go outside the country. Bangkok residents will likely spend their budget during the holidays on parties and celebrations (THB8.4 billion); shopping (THB7 billion); trip expenses (THB5.6 billion), merit-makings (THB3.5 billion) and other pursuits (THB1.3 billion). Such spending would go to many businesses, e.g., retail outlets, tour agents, souvenir shops, restaurants, etc. Business operators should not miss this opportunity to boost their revenues; new promotions and campaigns would help attract Bangkok merrymakers.

Thai Economy