Overall spending by Thai-Chinese people nationwide during the upcoming Lunar New Year Festival is expected to exceed 54 billion baht, the highest in six years.
Thanavath Phonvichai, Rector and Chief Advisor of the Centre for Economic and Business Forecasting at the Bangkok-based University of the Thai Chamber of Commerce (UTCC), told the media this week that the figure was derived from a recent survey of consumer behaviour.
He said that the estimate represents about a 5% year-on-year increase and is the highest since 2021, but lower than prior to the COVID-19 pandemic.
Seventy per cent of the respondents are, however, concerned over the rising prices of products and 33.2% of them will, therefore, limit their purchases to items necessary for the ritual worship of their ancestors, while fresh markets will remain their first choice for shopping, followed by retail stores with special sale promotions.
According to the latest survey, most Thais of Chinese descent will buy less fruit, joss sticks and joss paper, but slightly more poultry and pork for their rituals, partly out of concern about airborne PM2.5 pollution.
The rector stated that 60% of the respondents have also planned their holiday travel and merit making, with 55.9% of them opting for one-day domestic trips and individual spending of about 5,000 baht.
Meanwhile, 42.4% of the 850 local businesses surveyed, hoped for a 5.2% average increase in sales volume and 26.3% of them have increased stock to serve the consumers.
Over 50% of both the consumers and entrepreneurs surveyed anticipated increased economic activity in the domestic market in the last quarter of 2026, as a result of the newly-elected government’s expected stimulus measures.
