People shop for Valentine’s Day gifts at a market. (Photo: bangkokpost.com)
Thais are expected to spend approximately 5.2 billion THB (145.6 million USD) this year during Makha Bucha Day and Valentine’s Day, according to a recent survey by the University of the Thai Chamber of Commerce (UTCC).
The survey revealed that spending for Makha Bucha Day is projected to increase by 2.8% compared to last year, reaching 2.5 billion THB (70 million USD). This marks the highest spending in four years, although it remains lower than during the Lunar New Year celebration, partly due to Makha Bucha Day falling mid-week and not being a long holiday like last year.
On average, individuals are projected to spend around 1,590 baht (44.5 USD) this year.
For Valentine’s Day, the UTCC forecast a 7.2% year-on-year increase in spending, reaching 2.7 billion THB (75.6 million USD).
The sectors most likely to benefit from these celebrations include gift and flower shops, restaurants and cafes, hotels and accommodation, wine and beverage retailers, and chocolate and dessert shops.
The combined spending for both holidays is expected to stimulate the country's GDP by 0.025-0.045%, according to Thanavath, President of the UTCC.
Looking ahead, the UTCC predicted the Thai economy could grow by around 3% in 2025, although Thanavath emphasised that the situation should be closely monitored and reassessed in the second half of the year.
