Cautionary spending on Chinese Lunar New Year festivities in Thailand

The Bangkok Post reports that more people will be more cautious about spending for the festivities for the Chinese Lunar New Year on 31 January, and the week leading up to the New Year (January 24, 2013).

Consumer spending in Thailand is expected to increase slightly on last year’s figures, but many say that they will be cautious about spending due to present political uncertainties.

A University of the Thai Chamber of Commerce (UTCC) survey – a poll of 1,200 people nationwide from January 16-21 - estimates that spending over the festive season will increase by 5.9%, but this is low compared with the 12.3% in 2013 (from 2012 figures). Spending for the 2013 festivities were the highest since 2006 due to higher wages, tourism, and better overall economic growth.

The survey also indicated that most people said they were likely to stay home for the celebrations, rather than travel. This was because most people were concerned about political disruptions, especially in Bangkok, traffic difficulties due to the protests, burglary, and higher priced goods.

The UTCC maintains that the Bangkok shutdown campaign – “Shutdown Bangkok, Restart Thailand” – will result in economic losses of around 700 million baht per day. The Stock Exchange of Thailand has remained stable during the campaign, but if foreign investor concerns are raised in the lead up to the February 2 election, this may result in losses.

In the week before the Chinese Lunar New Year – that will commence the Year of the Wooden Horse – people have been buying red ornaments, such as lanterns, fans and red horses, as well as stocking up on celebratory food – especially duck, chicken, noodles, and oranges. Gift purchases are high – especially red and gold items, horse-shoes, jewellery, keyrings and lucky charms.

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