Consumer spending could rise 17% to 125 billion baht, a four-year high, during the upcoming Songkran holiday as the economy and tourism gather steam, according to the University of the Thai Chamber of Commerce (UTCC).
The figure would be the highest since the 136 billion baht spent in pre-pandemic 2019, suggesting the Covid-19 outbreak has been resolved, UTCC president Thanavath Phonvichai told a briefing on Tuesday.
“Songkran this year should be bustling due to pent-up demand,” he said, referring to the festival that takes place from April 13 to 15. “There will be more money in the economic system.”
Political rallies ahead of the May 14 general election are also helping to boost business and consumer activities, he added.
The country removed Covid restrictions late last year to revive the vital tourism sector, which has resulted a surge in arrivals. In the first quarter of this year, the country welcomed more than 6.2 million international visitors.
Last year, authorities allowed some Songkran celebrations but banned the rowdy street water fights that are a main feature of the festival.
In a normal year, crowds pack the streets in many tourist hot spots with water pistols and buckets in what has been described as the world’s biggest water fights.
This year, the Tourism Authority of Thailand is overseeing a series of “Water Festival 23” special events in various parts of the country. The Bangkok Metropolitan Administration is also reviving full-scale Songkran events for the first time since 2019.
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