BANGKOK, July 11 (TNA) – The growth of people’s spending during the upcoming Buddhist Lent-related long holiday this weekend will be the smallest in four years due to economic problems, according to the University of the Thai Chamber of Commerce.
UTCC found the spending constraint from its survey on 1,210 people in the first week of this month.
UTCC vice president Thanavath Phonvichai said the survey showed that people would spend 6.70 billion during the long weekend, up by only 3.50%, from 6.47 billion baht during the same period of last year.
Respondents said they felt less active for spending this year. Of all surveyed people, 54.1% said they would make merits and visit Buddhist temples. The percentage dropped from 56.6% last year.
This year’s survey found that 35.9% of respondents would spend less on merit-making, 32.1% said they would spend more, and 32% said their spending level for the purpose would be unchanged.
Of all respondents, 62.2% said they would go out to make merits or for vacation and 37.8% said they would not go out during the holiday.
About 86% of those who would go out said they planned domestic tours while the rest said they would travel abroad.
Private vehicles were the most favorite choice of travel for the first time this year, followed by planes, Mr Thanavath said. Planes surpassed vans and buses for the first time, he added. (TNA)
