Thais to spend less on Loy Krathong in 2021 due to stagnant economy and Covid-19

With Loy Krathong in Thailand occurring on November 19th, many Thais are worrying about the money they might have to spend on the upcoming holiday.

After all, Thailand’s economy in 2021 is stagnant, up to 2 million more Thais are expected to be on welfare by 2022 due to the government’s extreme Covid-19 restrictions, while others are conserving money as they are worrying about their future.

That is why a new University of the Thai Chamber of Commerce (UTCC) survey shows Thais are expected to spend less on Loy Krathong in 2021 than they have spent in recent years.

Approximately 3% less than last year.

According to Thanavath Phonvichai, UTCC president, the average amount individual Thais will spend during Loy Krathong this year is expected to fall by 68 baht ($2.25) per person from last year’s 1,348 baht per person to 1,280 in 2021.

With international tourists not arriving in Thailand in the numbers the government expected when the country was partially opened from November 1st, and with more and more Thais becoming unemployed as more businesses close temporarily or permanently, spending a lot of money on Loy Krathong in 2021 does not make a lot of sense.

Particularly for people who are worrying about losing jobs in Thailand’s stagnant economy, or wondering if Covid-19 cases will begin to rise again and more lockdowns will be initiated.

In other words, while Loy Krathong in Thailand in a normal year is a wonderfully fun event, in 2021 that is not likely to be the case for many.

Most can only hope Thailand’s economy will begin to improve in 2022, so that next year’s Loy Krathong will be more affordable and even more fun.