38 billion THB expected in circulation during Chinese New Year and Valentine´s Day

BANGKOK, 10 February 2010 (NNT) – A total of 38.7 billion THB is expected to be circulated during the upcoming Chinese New Year and Valentine’s Day, according to Deputy Director-General Sawaree Thairungroj from the research division of the University of the Thai Chamber of Commerce (UTCC).

When compared to last year, a 4.4% increase in money circulation is expected. Most of the expenses will be made in Bangkok and the vicinities worth 13.4 billion THB, with the southern region expected to see the highest growth in spending of 6% or 4.8 billion THB due to the increasing price of Para rubber.

Of the total expenditure, 2.4 billion THB will be spent on merit-making utensils, 1.3 billion THB on merit-making, 2.8 billion THB on commodities, 2.9 billion THB for gift money, and 4.4 billion THB for traveling, especially the domestic one.

For Valentine’s Day, Yajai Chuwicha, the head of the UTCC Chamber Business Poll, said that 2.4 billion THB was expected in circulation, increasing by 5.3% compared to last year. The money is expected to be spent on flower buying with the most popular flower being rose, followed by tulip and lily. Other activities include buying chocolates, cards, and dolls respectively.

Even though there are positive signs of economic recovery, people are still cautious with their spending, according to Thanawat Polwichai, the director of the Center for Economic and Business Forecasting of the UTCC. As goods are more expensive, there will be expense reductions on pork and poultry for the merit-making rituals with more focus on merit-making activities, said Mr Thanawat. The director added that the value of tourism will not increase much, as people will emphasize on day trips and visiting temples.