Thailand’s famous Loy Krathong festival will be held as usual this year, despite an anticipated reduction in consumer spending, as people nationwide are mourning the recent passing of late Her Majesty Queen Sirikit, the Queen Mother.
Thanavath Phonvichai, Rector and Chief Advisor to the Centre for Economic and Business Forecasting, under the umbrella of University of the Thai Chamber of Commerce (UTCC), has forecast that overall cash circulation during the this year’s Loy Krathong festival will be down to its lowest in four years.
He predicted that consumer spending countrywide for the festivities, which officially falls on November 5th, should only just exceed 9.6 billion baht, a drastic drop of 6.5% from 2021.
He stated that his projection is based on the latest survey of 1,300 random people across the country, between October 20th and 27th, in which respondents (66.2%) said that they plan to carry on the annual tradition, but will spend less.
They cited their mourning of the late Queen Mother as the main reason. The beloved and revered Queen Mother of His Majesty Maha Vajiralongkorn passed away peacefully on October 24th at the age of 93.
The respondents also cited the rising cost of living as a reason, with 94% of them planning to float their krathongs near their homes and spend mostly on transport and dining with their families and friends.
The survey found that 38.3% of those sampled will also engage in merit-making, in tribute to the late Queen Mother, according to the UTCC rector, who noted that the atmosphere and public sentiment during the full moon festival this year will be similar to that following the passing of His Majesty King Bhumibol Adulyadej.
