The Economic and Business Forecasting Center of the University of the Thai Chamber of Commerce has predicted that spending over the Chinese New Year-Valentines period this year could reach more than Bt60 billion.

Director of the Economic and Business Forecasting Center of the University of the Thai Chamber of Commerce, Thanawat Polwichai, announced that spending this Chinese New Year is expected to more significant than last year with more than Bt56.86 billion likely be spent, 3.52% higher year-on-year.

He noted 45.9% of respondents to a survey said they plan to purchase more goods this year with an even larger portion saying they plan to spend more per item due to improved income and higher prices. Most spending is on offerings to spirits followed by merit-making items, clothing and travel.

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