Consumer confidence in Thailand is growing
2022.12.08 00:11
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Consumer confidence in Thailand is growing
Budrigannews.com – A survey released on Thursday found that high living costs continue to be a concern, despite the fact that improved economic activity and an increase in foreign tourist arrivals helped boost consumer confidence for a sixth consecutive month in November, which reached a 20-month high.
The University of the Thai Chamber of Commerce’s consumer index increased from 46.1 in October to 47.9 in November.
It stated that consumers were more confident that Southeast Asia’s second-largest economy had begun to recover, as evidenced by a steady rise in all confidence indices.
During a briefing, university president Thanavath Phonvichai stated that the economy is anticipated to expand by 3% to 3% this year and by 3% to 4% the following year.
He stated, “Spending in the new year should be close to normal, at approximately 100 billion baht ($2.88 billion).”
He stated that the vital tourism industry, which should see 10 million foreign tourists this year and at least 20-22 million next, will continue to drive the economy.
In pre-pandemic 2019, there were almost 40 million unfamiliar travelers who burned through 1.91 trillion baht.
Thanavath stated that spending of at least 40 billion baht is anticipated for Thailand’s election in May of next year, contributing 0.2 to 0.3 percentage points to economic growth.
