Robert Besser
25 Jan 2023, 04:35 GMT+10
BANGKOK, Thailand: Consumer spending in Thailand over the ongoing Lunar New Year period could increase 13.6 percent to $1.36 billion, which would represent a three-year high, according to the Thai Chamber of Commerce.
The estimated spending compares with $1.2 billion last year, Thanavath Phonvichai, president of the university, told a briefing.
"This Lunar New Year will be the most active in three years," he said, as quoted by Reuters, adding that the projected 13.6 percent spending growth this year would be the highest in 15 years.
"People are ready to spend, though some with lower incomes are cautious," he added, citing a consumer spending survey conducted by the university.
Lunar New Year celebrations normally signal a jump in spending by many Thais and visitors from China and other parts of Asia.
China's reopening raises hopes for the return of Chinese visitors, who accounted for nearly one-third of Thailand's 40 million foreign tourist arrivals in pre-pandemic 2019.
The government expects at least five million Chinese tourists this year, with some 300,000 during the first quarter.
Get a daily dose of Detroit Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Detroit Star.
More InformationLONDON, England: Insurance broker Aon has estimated that natural disasters caused global economic losses worth $313 billion in 2022.It added ...
NEW YORK CITY, New York: After being convicted of stealing more than $900,000 from the company, Rosita Joseph, former executive ...
WASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...
MACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...
WASHINGTON D.C.: Republican US Senator Josh Hawley has said that he plans to introduce a bill to ban the use ...
WASHINGTON D.C.: This week, the US Food and Drug Administration (FDA) proposed significant limits on levels of lead in processed ...
WASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: Based on a range of measurements, US manufacturing could have entered a recession in the fourth quarter of ...
ST. LOUIS, Missouri: Missouri police report that all five prisoners who escaped last week from St. Francois County Detention Center ...
New York - Barrett Strong, one of Motown's founding artists and most gifted songwriters who sang lead on the company's ...
Two-time All-Star infielder Josh Harrison reached agreement on a one-year deal with the Philadelphia Phillies, his agency, MSM Sports, announced ...