Mr. Chatchai Payuhanawichai, Director of the Government Savings Bank, revealed that the Economic Research Center of the Government Savings Bank conducted a survey on spending among grassroots citizens during the New Year festival. The survey included a sample of 2,150 citizens with incomes not exceeding 15,000 baht nationwide. The findings indicate that overall spending by grassroots citizens during the New Year festival is expected to reach approximately 30.2 billion baht, with an average expenditure per person of 2,150 baht, a decrease from the previous year, as grassroots citizens aim to save more and are cautious with their spending.

          In terms of sources of funds for spending during the New Year festival, it was found that 61.4% comes from income, 26% from savings, and 6.2% from loans, which include both formal and informal loans. Compared to the previous year, grassroots citizens are using less borrowed money during the New Year festival, with a higher proportion coming from formal loans rather than informal ones. Additionally, the proportion of spending supported by government assistance during the New Year, which helps reduce expenses, stands at 6%, an increase from the previous year.

          When examining the types of activities and average spending per person during the New Year festival, the top three activities favored by grassroots citizens are: 1. Social gatherings and celebrations (54%) with an average expenditure of 1,100 baht; 2. Making merit, paying respects, and giving money to family members (53.4%) with average expenditures of 450 baht and 2,000 baht respectively; and 3. Buying gifts (45%) with an average expenditure of 1,300 baht. When comparing the proportions of each activity to the previous year, it was found that activities emphasizing family gatherings, celebrations, and giving money to family members have increased, while the overall spending amounts remain similar to last year.

          As for the gifts that grassroots citizens plan to purchase during the New Year festival, the top three items are food, vegetables, fruits, and snacks (66.4%); clothing (50.2%); and health drinks (41.5%), which aligns with last year's trends.

“It is noteworthy that this year, the percentage of grassroots citizens purchasing alcoholic beverages as gifts is at 6.1% of respondents, a decrease from last year, which was as high as 24.6%,” Mr. Chatchai stated.

          Regarding the places to buy gifts and the people to whom gifts will be given, the top three purchasing locations are department stores (45%), markets/general stores (35.5%), and convenience stores (22.5%). However, it is interesting to note that online shopping is becoming an increasingly popular option among grassroots citizens, with popular platforms including Lazada, Shopee, and Facebook. As for the recipients of gifts, 88.8% are family members, followed by respected elders (37.9%), themselves (36.2%), friends (10.6%), and partners/significant others (6.8%).

          When asked about their goals for the New Year, grassroots citizens expressed a desire to improve their lives, with 66.3% aiming to save money, 47.2% looking to reduce expenses, and 42.4% focusing on health, such as exercising and quitting alcohol/tobacco. In terms of what grassroots citizens want from the government as a New Year gift for 2022, the top three requests are reducing the cost of living (60.3%), lowering fuel prices (53.7%), and holding elections (33.7%).

 

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