New research from UOB shows Thais plan to spend an average of Baht 60,000 this Lunar New Year
Thais will use the traditions of the Lunar New Year to express the deep bonds and generosity of spirit they have towards family members and work colleagues, according to research conducted by UOB (Thai)1
Respondents in the UOB survey said they planned to rekindle connections and show gratitude to family, friends and work colleagues through the time-honoured traditions of giving Angpaos (red packets), attending reunion dinners and travelling to visit family members and friends as part of ushering in the Lunar New Year.
In all, the average budget of the 500 respondents surveyed was Baht 60,000.This includes 38 per cent of the budget going towards travelling, followed by 20 per cent on shopping, primarily for new clothes and electrical appliances and 19 per cent on family reunion dinners and seasonal goodies. Some 18 per cent of the budget will be allocated to Angpaos.
Respondents said parents (87 per cent), siblings (69 per cent), children (67 per cent), nephews and nieces (66 per cent) and grandparents (60 per cent) were on their Angpaos priority list as the act of giving symbolised the close relationship that they had with the recipients.
The survey also showed that Thais express their generosity in the form of Angpaos to their work colleagues. In fact, colleagues will receive Angpaos ahead of spouses and parents-in-law.
The average budget for Angpaos was Baht 10,800.Out of this amount, parents will receive the most at Baht 2,200, following by grandparents at Baht 1,200 and spouses at Baht 1,100.
Eighty per cent of respondents said they themselves received Angpoas, with the majority (64 per cent) accepting them on behalf of their children. More than half (52 per cent) said they would put the money into a savings account while one in three (32 per cent) would spend it. Others said they would invest it (22 per cent), pay off their debt (20 per cent) or donate it to charity (13 per cent).
Of the 15 per cent of respondents who received Angpaos on behalf of their children, three out of four (76 per cent) said they would put it into their child’s savings account while 18 per cent said they would let their children spend it.
1The research was conducted with 500 respondents aged between 18-55 years and with monthly income of 15,000 baht and above in four areas of Bangkok including China Town, Sathon, Silom, Sukhumvit and Pathumwan during 4-19 December, 2013.
January 29, 2014
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