Thailand: New Year spending seen at 3-year high – UTCC

Thailand’s consumer spending during the New Year could reach a three-year high of 103 billion baht (US$2.97 billion) as the economy continues to recover from the impacts of the Covid-19 pandemic, the president of the University of the Thai Chamber of Commerce (UTCC) said on Thursday.

That would be a record 20% jump from about 86 billion baht spending during the previous New Year period, UTCC president Thanavath Phonvichai told a briefing on a consumer survey.

“It’ll be an active New Year,” he said, adding the economy would return to normal in 2023.

The Bank of Thailand (BoT) has forecast Southeast Asia’s second-largest economy would expand 3.2% this year and 3.7% in 2023, driven by increased tourism and private consumption.

A revival of the vital tourism sector has bolstered consumer confidence that reached a 20-month high in November, when industrial sentiment also hit a 41-month high.