Thailand expects to gain at least 125 billion baht in spending during the Songkran festival in mid-April, up more than 17% from the previous year, and it would then contribute to 0.5-0.7% of GDP growth this year, according to the commerce university on Tuesday.
Thanavath Phonvichai, president of the university of the Thai Chamber of Commerce, stated that Thailand should see a bustling Songkran festival (Thai New Year) this year as a result of pent-up demand, and that consumer spending could reach levels seen prior to the pandemic. He then remarked, “There will be more money in the economic system.”
Thailand recorded 136 billion baht in consumer spending in pre-pandemic 2019.
He added that political rallies before the May 14 general election are also contributing to the uptick in business and consumer activity.
From January through March 27, 2023, Thailand welcomed 6.15 million foreign arrivals, beating the government’s target of 6 million. The Thailand Tourism Council anticipates 30 million international tourists this year, with a total spending of 1.5 trillion baht.