Credit card spending in the final quarter of the year is anticipated to stay subdued, aligning with the overall economic outlook, despite the government’s implementation of stimulus measures.
Yuttachai Teyarachakul, managing director and head of personal financial services at UOB Thailand, stated that although several initiatives, including the “Khon La Khrueng Plus” co-payment scheme, were introduced to boost domestic consumption, it’s too soon to determine their impact on consumer spending in the fourth quarter.
He noted that credit card spending through UOB Thailand remained stable during the first nine months of this year compared to the same period last year, and the bank expects spending levels to remain consistent in the final quarter.
Overall, credit card expenditure increased by 2-3% during the first nine months, according to Mr. Yuttachai.
“UOB Thailand saw growth in spending among upper-income customers (earning at least 200,000 baht per month), particularly in dining, travel, and luxury goods,” he added.
He also mentioned that the bank has been cautious with new card acquisitions this year, focusing on maintaining asset quality amid heightened economic risks. This strategy has helped UOB Thailand keep its non-performing loan ratio for credit cards below the market average of around 2%.
In a related note, UOB’s Asean Consumer Sentiment Study 2025 revealed that 45% of consumers made more purchases via social media over the past year, though 47% are delaying purchasing decisions. Many consumers now participate in live-streams for entertainment, product comparisons, and price evaluation, which causes delays in buying but enhances brand engagement and awareness.
Atis Ruchirawat, head of Krungsri Consumer (the unsecured lending division of Krungsri Bank of Ayudhya), predicted ongoing contraction in both credit card and personal loan portfolios this year, following the trends observed in the first nine months.
However, Krungsri expects modest growth in credit card spending, projecting total expenditure via Krungsri cards to reach 400 billion baht by year-end, a 2% increase from 286 billion baht in the first nine months of 2025.
He also highlighted that the government’s personal income tax deduction scheme for domestic tourism is expected to further stimulate spending in sectors like hospitality and restaurants.