BANGKOK, Dec 12 (TNA) — The Kasikorn Research Center expects people in Bangkok will spend more than 30 billion baht during the New Year festival and mostly give presents only to their family members and colleagues.
The center predicts the spending at 30.8 billion baht which will show a year-on-year rise of 4.1%. Although the government does not give any tax incentive to all categories of consumer products, retailers are likely to offer promotions to all kinds of products throughout the New Year festival, it said.
Kasikorn Research Center also said that consumers in the capital would spend 9.4 billion baht on foods and beverages, 8.8 billion baht on domestic trips, 8.4 billion baht on gifts and souvenirs, 2.1 billion baht on cash giveaways for relatives, 1.6 billion baht on merit-making activities and 500 million baht for other purposes such as movies, music and donations. It estimates each person to spend 5,600 baht, up from 5,400 baht last year.
Bangkokians will continue to buy gifts but recipients will be their important family members and colleagues in gift draws, the center said.
Promotional events would prompt consumers to stay longer in retail shops, it added. (TNA)
