The poll did point out, though, that the total score was still below the average level of 100, showing that some risks and difficulties were still making consumers cautious and apprehensive.
A study by the University of the Thai Chamber of Commerce (UTCC) found that in April 2023, Thailand’s consumer confidence index (CCI) reached a 38-month high. The CCI increased for the eleventh month in a row in April, rising to 55.0 from 53.8 in March.The nationwide poll of 2,238 respondents found that a number of factors, including the following, considerably improved consumers’ perceptions of both the current and future state of the economy, employment prospects, and income expectations.
a rise in tourism, as Thailand had 6.15 million visitors from January to March, exceeding its goal for first-quarter visitor arrivals. An industry group called the Tourism Council predicted that at least 30 million visitors will come to the nation this year and spend 1.5 trillion baht (US$43.74 billion).
a drop in gas prices that lowered the cost of living for consumers and increased their spending power.
a program of hotel subsidies that promoted domestic travel and boosted spending on lodging and related services.
A general election that will soon take place sparked optimism for political stability and economic growth.
The poll did point out, nevertheless, that the overall index was still below the average level of 100, suggesting that some dangers and difficulties were still making consumers cautious and anxious, like:
Slow economic recovery as a result of the significant slowdown in exports due to weak global demand, with Thailand’s GDP growth prediction for 2022 being cut lower to 2.6% from 3.2%. Additionally, the previously predicted growth of 3% to 4% for the year 2023 has been lowered downward to a range of 2.7% to 3.7%.
High inflation; led by increasing food and energy prices, consumer prices increased by 1.9% year over year in March, the highest rate since November 2019.
Foreign banking crises occurred as a result of several European banks experiencing liquidity issues and having their credit ratings lowered as a result of their exposure to distressed borrowers.
At a press conference, UTCC President Thanavath Phonvichai stated that consumer spending on tourism remained a major engine of growth and had risen to a level not seen in more than nine years. “Thais are ready to travel again, and this will reenergize the economy,” he claimed.
