The University of the Thai Chamber of Commerce (UTCC) is projecting a circulation of 45 billion baht during the Lunar New Year period, the highest in three years.
UTCC President Thanavath Phonvichai said spending during the Lunar New Year period is expected to rise by 13.6% from last year, with the value projected to reach 45 billion baht.
The UTCC’s Center for Economic and Business Forecasting (CEBF) indicated that 45% of survey respondents will participate in ancestral worship activities during this year’s Lunar New Year festival. 38.4% of respondents said they expect Lunar New Year expenses to increase due to higher product prices. Nevertheless, the respondents said they will buy the same amount of goods as last year, as the festival only occurs once every year.
Dr. Thanavath, chief advisor to the CEBF, noted that the ratio of transactions made via electronic transfer has increased, reflecting how people have gotten used to cashless payment methods employed because of the pandemic. This development illustrates Thailand is moving towards becoming a cashless society.
The UTCC President added that the ratio of goods purchased via delivery services has also increased, which implies that the country is shifting from an analog to a digital economy. (NNT)