A sharp comeback in the number of Chinese tourists and strengthen public confidence in the expansion of the economy have been witnessed after an election date. The University of the Thai Chamber of Commerce expects spending more during Valentines and Makha Bucha Day at nothing lesser than 6.3 billion baht.
The Economic and Business Forecasting Center’s director at the UTCC Thanawat Polvichai revealed that the consumer confidence index stood at 54.5 in January 2019. This improvement has been seen for the first time in five months as the consumers think that the election date would benefit the economy in Thailand.
In the meantime, a trade war between China and the US is starting to ease and the Chinese tourists, therefore, are beginning to return to the country (Thailand). All of these elements alongside the rise in agricultural prices result in increased buying power as well as public confidence. Similarly, the consumer confidence index also improved to 92.3.
However, a drop has been seen in the spending during the Valentine’s Day week (till date), while reflecting cautious spending behavior and problems over the economic expansion even though spending among couples is expected to be around 2.3 billion baht over gifts, chocolates, eating out, and flowers.
On the other hand, spending during the Makha Bucha Day is likely to expand by 3.12%, averaging at 1,642 baht each person. The majority of the activities include giving alms, and vacationing.
