Robert Besser
25 Jan 2023, 04:35 GMT+10
BANGKOK, Thailand: Consumer spending in Thailand over the ongoing Lunar New Year period could increase 13.6 percent to $1.36 billion, which would represent a three-year high, according to the Thai Chamber of Commerce.
The estimated spending compares with $1.2 billion last year, Thanavath Phonvichai, president of the university, told a briefing.
"This Lunar New Year will be the most active in three years," he said, as quoted by Reuters, adding that the projected 13.6 percent spending growth this year would be the highest in 15 years.
"People are ready to spend, though some with lower incomes are cautious," he added, citing a consumer spending survey conducted by the university.
Lunar New Year celebrations normally signal a jump in spending by many Thais and visitors from China and other parts of Asia.
China's reopening raises hopes for the return of Chinese visitors, who accounted for nearly one-third of Thailand's 40 million foreign tourist arrivals in pre-pandemic 2019.
The government expects at least five million Chinese tourists this year, with some 300,000 during the first quarter.
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More InformationSEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
DUBLIN, Ireland: Ireland reported a higher budget surplus than any other country among the 27-member European Union for the third ...
WASHINGTON D.C.: Based on a range of measurements, US manufacturing could have entered a recession in the fourth quarter of ...
FRANKFURT, Germany: German media has reported that American power chipmaker Wolfspeed Inc is planning to build a factory in Germany, ...
TOKYO, Japan: More than half of major Japanese companies are planning to raise wages this year, after Prime Minister Fumio ...
TAIPEI, Taiwan: Highlighting its worst performance in 13 years, Taiwan's trade-dependent economy contracted in the fourth quarter, affected by declining ...
Public health experts have welcomed Mexico's ban on cigarette smoking in all public places, including hotels and beaches, after the ...
YONKERS, New York: After testing discovered harmful levels of heavy metals in chocolate, consumer magazine Consumer Reports has urged four ...
OUAGADOUGOU, Burkina Faso: As Burkina Faso, in western Africa, faces an Islamist insurgency, it is set to end a military ...
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...