Author Topic: Holiday makers will borrow to celebrate ( Songkran )  (Read 685 times)

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Offline thaiga

Holiday makers will borrow to celebrate ( Songkran )
« on: April 08, 2014, 08:49:49 PM »
People plan to borrow to cover an average of 20% of their spending during the Songkran holiday as incomes have dropped while the cost of living keeps rising, according to a poll.

Spending during the upcoming water festival will increase by a mere 2.36% this year to 116.81 billion baht, the lowest growth rate in four years, according to a University of the Thai Chamber of Commerce poll.

"The slowing economy as a result of political conflict and the high cost of living has made it hard for them to make ends meet," said Thanawat Polvichai, director of the Economic and Business Forecasting Centre at the university. "The planned borrowings of 22 billion baht more than double last year's levels,"

Of planned Songkran spending, 36.8% will come from savings, followed by salary and regular income (28.9%), borrowing (20.1%) and bonuses and extra incomes (14.1%).

The worrying trend is most of those who say they will borrow to finance their celebrations are those earning less than 15,000 baht a month, Mr Thanawat said.

Anyone who goes to a psychiatrist should have his head examined.