Spending sentiment for the upcoming Songkran festival is expected to be lively as people have been hesitant for many months, but the country's economy is showing signs of recovery, driven by rapidly reviving tourism.
According to the latest survey conducted by the University of the Thai Chamber of Commerce (UTCC), spending during the festival is expected to increase by 17.3% to 125 billion baht, up from 107 billion in 2022.
"There were concerns that economic activities have been relatively slow since Valentine's Day, with some groups affected by the floods and the unfavourable export situation. People were not spending much because of these factors," said Thanavath Phonvichai, UTCC president.
"But this year's Songkran is expected to be more active than usual, as people's spending has been pent up for a long time and most people see the country's economy as recovering, helped by a rebound in tourism."
However, Mr Thanavath said people are still cautious about spending as they fret over global economic uncertainty and slowing exports.
People want a new government to help revive the Thai economy and reduce corruption, he said.
"During the election scheduled for May, people are expected to turn out to exercise their voting rights enthusiastically because the majority want a new government to come in and address problems to improve the Thai economy," said Mr Thanavath.
He said although most people will come out to play and celebrate the festival this year, they remain worried about expenses because goods and services are still costly, according to survey responses.
In addition, there are the usual problems with road accidents and traffic jams during Songkran travel, said Mr Thanavath.
People want government agencies to prepare plans to support both travel and controlling the high prices of goods and services to prevent traders from profiteering, he said.
The survey also found the top three activities people plan to participate in during the Songkran festival are: making merit; water splashing; and gathering and feasting, mostly with parents, partners and relatives.
As for the traditional gift-giving to elders during Songkran, the most popular items are cash, floral garlands and fruit.
