The University of the Thai Chamber of Commerce’s (UTCC) consumer confidence index rose for the ninth straight month in February. The index is now at its highest level in 36 months.
The consumer confidence index (CCI) for February stands at 37 points, which is an improvement from 36.3 points in the prior month.
UTCC President Dr Thanavath Phonvichai said the CCI had improved as consumers felt the economy was improving because of a clear recovery in tourism activity. The improvement in tourism was made possible by both Thai and foreign tourists. The return of Chinese tourists has been especially apparent, with Beijing having lifted most barriers to international travel.
Dr Thanavath said the lifting of the Covid situation in Thailand has resulted in greater money circulation in the country. Economic activities across all regions of Thailand have shown improvement, while the price of benzene oil has declined significantly from levels seen in the first half of 2022.
Nonetheless, consumers remained concerned about the still-high living costs due to the ongoing Russia-Ukraine war. Consumers were also worried about interest rate hikes implemented by countries around the world, which might trigger a recession or impact Thailand’s exports.
The UTCC’s forward confidence index stood at 60.2 in February – the 9th consecutive month of improvement. The index, like the CCI, was also at its highest in 36 months.
Dr Thanavath said the CCI’s continual improvement was a good start and reflects how consumers are starting to have more confidence in the economy. The UTCC President said he expects consumers to increase spending in the first quarter of this year. (NNT)
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