While the amount is higher than last year, spending is still projected to be less than two-thirds the amount expected to change hands a week later during Makha Bucha, the Buddhist religous holiday.

It is estimated that about 3.64 billion baht (US$ 113 mil), up about 15 per cent from 2007, would change hands on Makha Bucha Day which falls this year exactly one week after Valentine's Day, on Feb 21.

Makha Bucha is one of the most important Buddhist religious days as it marks the day when 1,250 novice monks came to meet Lord Buddha without making a prior appointment.