May saw a 39-month high in consumer confidence in Thailand, which was boosted by increased international tourist arrivals and increased activity during the most recent national election.
May saw a 39-month high for Thai consumer confidence thanks to an increase in foreign visitors and increased activity surrounding the most recent national election.
Consumption was aided by spending during the May election, and confidence was increased by better-than-anticipated first-quarter economic growth, which was led by tourism.
Consumers were worried about the high cost of living and the political unpredictability following the May 14 election despite the improvement in consumer confidence.
The University of the Thai Chamber of Commerce’s (UTCC) consumer index increased from 55.0 in April to 55.7 in May. However, after the May 14 election, consumers are still worried about the high cost of living and the political unpredictability. Pita Limjaroenrat, the head of the Move Forward Party (MFP), will have a difficult time persuading members of the Senate, who are not elected, to support him in a legislative vote to select the premier, which is anticipated in August of this year.
The high level of consumer confidence in Thailand’s economy suggests that the country’s economy will grow soon. Additionally, the expansion of the Thai economy is greatly influenced by an increase in foreign visitor arrivals.
Consumers have been mindful of their buying habits, nevertheless, due to worries about the rising cost of living. Political uncertainty was exacerbated by the recent election, but the economy and consumer confidence have been improving steadily, suggesting that people are optimistic about the future.
The selection of Thailand’s new premier, who is anticipated to be appointed by August of this year, could be greatly influenced by Pita Limjaroenrat’s efforts to win support from the unelected Senate.
