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Thai Chinese people in Bangkok to spend over 6.4 billion baht to celebrate Chinese New Year

The upcoming Chinese New Year next week will see Thais of Chinese descent in Bangkok spending over six billion baht in celebrations of their traditional festival and holiday.

chinese_ThaisThis year the Chinese New Year falls on January 26.

In Bangkok, several age-old traditions, passed down by their ancestors, activities, and celebrations will be held at the century old China Town or locally known as Yaowarat to mark the festival. However activities will be scaled down and no entertainments will be held as the country is still mourning the passing of the beloved King Bhumibol Adulyadej.

However, despite of less activities, the Kasikorn Bank Research Center forecast that there will be an increase in spending for offerings by Thai-Chinese in Bangkok.

It estimated that 6.4 billion baht will be spent by Thai Chinese people which represents a 3% increase with every Chinese household spending on average 3,600 baht.

The center attributed the rise in spending to the increase in market prices for these goods.

It said even though Chinese residents place the highest priority on celebrating the Chinese New Year, this year’s spending will be tempered by increases in the current cost of living and the dramatic rise in household debt.

Therefore, a more conservative spending can be expected as local Chinese will desire to save more than spend.

Thai PBS

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