Thailand's New Year spending likely to hit new high

BANGKOK, December 25 (TNA) - Bangkok-based University of the Thai Chamber of Commerce's Center for Economic and Business Forecasting says its recent survey has found that nationwide consumers’ spending during the upcoming New Year festival should reach 105.83 billion baht, a new highest record and a 15.6 per cent year-on-year increase. The center's director, Thanavat Polvichai, told journalists on Tuesday that it would be the first time for New Year spending in Thailand to exceed 100 billion baht, if the figure was met, and the increment would be the highest since his center began its annual survey seven years ago. Thanavat attributed easing concerns over economic problems in the United States and Europe and positive impacts from the government's rice pledging scheme, daily minimum wage hike to 300 baht throughout the country as of early next year and tax rebate for first-car buyers to the active New Year spending by nationwide consumers. According to the survey, 29.1 per cent of the respondents planned to spend on New Year parties, and the less proportions of respondents would donate and buy consumer products, luxury goods and durable goods. Among those who planned vacation trips, 89.1 per cent would travel in the country and spend a total of some 49.29 billion baht; while the rest 10.9 per cent would travel overseas and spend a total of some 27.47 billion baht. The survey found that the respondents’ concerns during the New Year festival include road accidents, traffic congestion, insufficient bus and train services and increases in product prices. The poll also found that Thai politicians the respondents would like to give their New Year gifts most include Prime Minister Yingluck Shinawatra, followed by opposition leader Abhisit Vejjajiva. Meanwhile, Premier Yingluck suggested that people leave their houses under police care while they are away for the New Year holidays, insisting, however, that her government has well-prepared security measures for the public during the ongoing festive season, including the setting up of checkpoints on main highways and in all sensitive areas. (End)