BANGKOK, Jan 21 (TNA) – Consumer spending during the
Chinese New Year is expected to contract for the first time in 12 years, says
the University of Thai Chamber of Commerce (UTCC).
UTCC President Thanavath Pholvichai said the university’s
latest survey showed that Thai people were concerned over economic
uncertainties and had decided to cut their Chinese New Year spending.
Thais are expected to spend 57.6 billion baht, down 1.3%
from the previous year, according to the survey.
Consumers anticipated further economic slowdown, negative
results of drought and hazardous smog, he said, therefore they were more
cautious about spending and travelling.
Mr Thanavath said such consumer behaviors could be described
as “gloomy and unpleasant:” a big task for the government to address.(TNA)
