The University of the Thai Chamber of Commerce predicts that Lunar New Year spending in Thailand would hit a three-year high of 45 billion baht ($1.36 billion), up 13.6% as the economy picks up and Chinese tourism increases.
Spending often increases as local Thais and tourists from China and other Asian countries celebrate the Lunar New Year.
Since Chinese tourists made up roughly a third of Thailand’s 40 million foreign visitors in the year before the pandemic, China’s reopening has sparked optimism that they will soon return.
At least five million Chinese tourists are expected this year, with about 300,000 arriving in the first quarter so far.
According to UTCC president Thanavath Phonvichai, businesses are also bullish about China’s reopening since it would boost tourism and jobs in Southeast Asia’s second-largest economy, which he expects to increase 3.6% this year.
