Spending sentiment during the upcoming Songkran festival is expected to remain tepid, mainly because of a sharp rise in oil prices ignited by the Russia-Ukraine war and relatively high Covid-19 infections in the country.
According to the latest survey conducted by the University of the Thai Chamber of Commerce (UTCC), spending during the upcoming Songkran festival is expected to plunge by 5.4% this year to 107 billion baht.
“People remain worried about the high cost of living, particularly as it is driven by rising oil prices and persistent Covid-19 infections in the country,” said…
