More than 11 billion Baht circulated during Chinese New Year

Boosted by people spending for traditional worships, the circulation of cash during this year's Chinese New Year festival is expected to reach 11.2 billion Baht, according to a leading economist.

Director of the Economic and Business Forecasting Centre of University of Thai Chamber of Commerce Thanawat Polvichai said here on Thursday this year's structural spending of consumers for the Chinese New Year remain unchange from last year.

Most of the people's spending, particularly those of Chinese origin, are for ceremonial worships to Gods and ancestors.
However, the total amount of money spent is higher than last year due to rising prices of consumer products caused by increased fuel costs, he said.

Dr. Thanawat projected that the total amount of cash circulation in the Thai economy during the Chinese New Year celebrations this year would reach 11.2 billion Baht, a 6 per cent increase from last year--in line with this year's influation rate.

A survey on consumers' behaviours during the Chinese New Year conducted by the university during January 10-22 also found that most of the 1,300 interviewed on the random basis, or 67.6 per cent, said they spent more this year due to rising prices of products.

Asked what they want from the government as a Chinese New Year present, the city respondents said they want the government to help address the problems of fuel price hikes, rising living costs of living, poverty and crime.

Meanwhile, Deputy Public Health Minister Anutin Charnvirakul urged the public to purchase only food products verified their safety by the Ministry of Public Health.

"People should buy food labelled either 'clean food, good taste', or 'safe food' of the Ministry of Public Health and should have some exercises after enjoying the food for their Chinese New Year celebrations for the sake of their good health," suggested the minister.