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Published on December 27, 2007

Consumer spending over the New Year holidays will reach only Bt18 billion, 10 per cent less than last year, according to a survey by Kasikorn Research Centre.

Between tomorrow and Tuesday, Bt7.5 billion is expected to be spent on gifts and parties, Bt2 billion on one-day trips, Bt6 billion on domestic travel to tourist destinations and home provinces, and Bt2.5 billion on overseas travel.

Especially popular this time of year for local tourists are northern provinces such as Chiang Mai, Chiang Rai and Mae Hong Song.

Out of the 555 people in Bangkok responding to the survey from November 1-20, 51 per cent plan to stay in the capital, while 49 per cent will travel to domestic tourist destinations or abroad.

Of the subjects who planned to stay in Bangkok, 44.5 per cent will take day trips to neighbouring provinces - such as Nakhon Pathom, Ayutthaya, Suphan Buri, Nakhon Ratchasima and Rayong - and pray at temples around Bangkok.

The research house estimates spending for this activity at about Bt2 billion. The remaining 6.6 per cent plan to stay at home.

Out of the 49 per cent who plan overnight trips, 31 per cent

will return to their homes upcountry on a budget of Bt3,850

per head or about Bt1.8 billion in total.

Almost 14 per cent plan to travel to domestic tourist destinations, with spending estimated at Bt4.2 billion.

And the 4.4 per cent who plan to go abroad - especially to China, Japan, Hong Kong, Singapore, Malaysia, South Korea, Vietnam and Cambodia - will spend an average Bt35,000 per head or about Bt2.5 billion in total.

KResearch cited the economy's slight growth this year and tepid growth forecast of 4-5 per cent next year as the main factors for Bangkok residents to tighten their purse strings this year.

"The rise in the cost of living this year and unpredictable future earnings have had a negative impact on consumers, so most of them reduced their spending for this New Year's season," it said.