The University of the Thai Chamber of Commerce (UTCC) has revised its prediction of monetary activity during this year’s Loy Krathong celebration in light of the country’s continuing economic improvement.
The University of Chiang Mai’s Center for Economic and Business Forecasting (CEBF) estimates that 9.7 billion baht will be spent on the event, the most in a decade.
Dr. Thanavath Phonvichai, president of the UTCC, said the country’s economy was able to recover more quickly after the pandemic, leading to livelier festivities of Loy Krathong this year.
Over two-thirds (67.6%) of respondents to a survey of roughly 1,200 people said they will participate in some form of Loy Krathong celebration. While 34.1 percent plan to eat at restaurants, 76.1 percent said they would float krathong baskets. Moreover, 43.5 percent anticipate gaining merit, and 39.9 percent intend to attend Loy Krathong celebrations.
The percentage of people who say they won’t be celebrating Loy Krathong this year has dropped dramatically, from 31.1% to 9.9%.
According to the survey results, respondents plan to spend an average of 1,900 baht on festival-related activities including traveling, eating out, and socializing, which is an increase over the 1,700 baht they spent last year. Therefore, 9,7 billion baht in circulation is projected for this year by the CEBF. If this year’s Loy Krathong is as successful as the last, cash flow will hit a new all-time high by an increase of 6% over last year.
Dr. Thanavath noted that at US$100 per barrel, the worldwide average price of oil allows for more frugal travel and spending. From now until the New Year, both tourism and consumer spending are expected to increase. The CEBF forecasts 3.3-5.0% growth in Thailand’s GDP in 2022 as a result of the country’s massive influx of international visitors (at least 10 million are anticipated this year). It also projects growth of 3.5% to 4% for the year 2023.
 has revised its prediction of monetary activity during this year's Loy Krathong celebration in light of the country's continuing economic improvement.){kind=link}