Vegetarian festival expected to boost Thai economy with record high spending

Picture courtesy of ThaiPost

The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is attributed to the increased consumer confidence in the economy.

Thanavath stated, “Both individuals and entrepreneurs are optimistic about the improved economic conditions, partially due to the government’s economic stimulus measures, while the majority of the entrepreneurs surveyed are of the belief that the Thai economy this year should experience a growth of around 2.5% to 3%.”

The UTCC conducted a survey gathering the views of 1,280 respondents nationwide on their spending intentions during the festival. It showed that 39.4% are planning to adopt a vegetarian diet. High food costs, lack of intention, and a poor economy were cited as reasons for not observing a vegetarian diet during the festival, reported Bangkok Post.

Approximately 77.9% of the respondents intend to strictly adhere to a vegetarian diet only for a few meals due to the anticipated rise in the prices of vegetarian food and ingredients. The average spending for those who plan on following a vegetarian diet is estimated to be 4,587 baht (US$ 124) per person, marking an increase from 4,185 baht (US$ 113) per person from the prior year, not inclusive of travel and other provincial expenses.

Meanwhile, the Internal Trade Department reported that despite heavy rainfall and floods affecting several regions of the country, the prices of most fresh vegetables remain stable. Deputy Director-General Udom Srisomsong noted that even though the prices of some items have slightly increased due to severe weather conditions, key production areas have remained undamaged, ensuring a continuous supply of vegetables to the market.

Udom added that the department will continue to keep a close eye on the situation with the vegetarian festival approaching. If any areas experience high prices or a vegetable shortage, the department stands ready to coordinate vegetable distribution from unaffected sources to alleviate the impact on consumers.

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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