13 Jan 2020
Thai Economy
We at KResearch expect that spending by Bangkok residents will reach approximately THB13.15 billion, shrinking 3.0 percent YoY, during the upcoming Chinese New Year. That amount of spending includes THB5.9 billion on votive offerings, THB3.75 billion on traveling and merit making, plus THB3.5 billion on cash as gifts. A key factor pressuring their spending is ebbing purchasing power, so Bangkok residents intend to make the steepest spending cut on traveling and merit making, followed by cash as gifts and votive offerings. However, close attention must be paid to drought because it may drive up prices of votive offerings. ... Read more
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