Thailand plans 9 billion baht in cash flow for this year’s “Loy Krathong festival”

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According to the survey, 51.6% of the subjects declare that they intend to participate in this traditional holiday as a way to relieve their stress, while 31.1% of the subjects declare that they will not participate.

Loy Krathong’s impending day on Friday has received the green light from the government for the festive events that will take place this year. The University of the Thai Chamber of Commerce now expects 9.15 billion baht in cash flow from this year’s festival, a spike in economic activity but still the lowest in 10 years.

A survey of 1,240 samples by the Economic and Trade Forecasting Center of the University of the Thai Chamber of Commerce (UTCC-CEBF) shows that more Thais are expected to attend this year’s Loy Krathong festival on Friday night (19 November).

According to the survey, 51.6% of the subjects declare that they intend to participate in this traditional holiday as a way to relieve their stress, while 31.1% of the subjects declare that they will not participate.

People who do not intend to participate say it is because of their job, fear of COVID-19, or lack of income. Some subjects say they will participate in online events rather out of environmental awareness and bad economy.

UTCC-CEBF expects cash flow of 9.147 billion baht from this year’s festival, the lowest figure in 10 years since the 2011 floods.

Average per person festival spending this year, including transportation, meals, recreational events, religious events, and Krathong purchase, is expected to be 1,280 baht, lower than the previous year’s figure at 1,348 baht per person, as people become more careful about spending.

Overall, UTCC-CEBF expects cash flow of 9.147 billion baht from this year’s festival, the lowest figure in 10 years since the 2011 floods.

UTCC President Thanawat Polvichai said more people are expected to attend this year’s Loy Krathong festival than last, thanks to easing disease control measures, reopening the country and more big vaccination.

Despite higher participation rates, the projected decline in spending is a reflection of an economy that has not yet fully recovered.

The UTCC chairman said the actual performance of the Thai economy would depend on vaccination coverage, additional government economic measures, the diesel price cap and the number of international tourists.

If all goes well, Mr Thanawat said these factors will help boost Thai economy growth in 2022 to 4-5%. (NNT)



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