The Economic and Business Forecasting Centre, the private research arm of the Thai Chamber of Commerce, says the three-day Songkran festival during April 13-15 will see the highest spending by the Thai people in 12 years.
It said 127 billion baht are expected to be spent during the three day period, an increase of 2.53 per cent year-on-year.
Most of the spending will be on merit-making activities, it said.
However, the increase is considered at a slow pace when compared with last year's spending during the same period which rose 4.51 per cent.
The slow growth was attributed to the people's worries about the cost of living, uncertainty about their earnings, thus prompting them to be more careful in spending as goods prices have increased and more debts have been recorded.
The centre said April 12 -13 will see highest travels by the people out of the capital, while April 15-16 will expect highest travels back to the capital.
It also said favourite overseas destination of Thai people during Songkran remains to be South Korea, China, Hong Kong, Japan, Taiwan, the Phillipines, and Europe respectively.
Source: Thai Public Broadcasting Service (Thai PBS)