People take photos in front of a Christmas tree and festive decorations ahead of the new year at CentralWorld. (Photo: Wichan Charoenkiatpakul)
Spending during the festive season is expected to remain below 100 billion baht for a second straight year, hitting a 12-year low as growing concerns over the Covid-19 Omicron variant continue to undermine public sentiment.
The University of the Thai Chamber of Commerce (UTCC) revealed its estimate for spending during the holiday period of 85.7 billion baht, a 6% drop from 91.5 billion last year, which was itself a 33.6% dip from 138 billion in 2019.
“Spending is expected to be the lowest in 12 years,” said Thanavath Phonvichai, UTCC president. “People’s celebration sentiment has been dampened by the outbreak of the Omicron strain. People are likely to opt for…
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