BANGKOK: Consumer confidence in Thailand has shown signs of recovery, with the index improving for the second month in a row, suggesting growing optimism about the nation’s economic outlook.
According to Thai News Agency, Thanawat Polvichai, an advisor to the Economic and Business Forecasting Center at the University of the Thai Chamber of Commerce, reported that the consumer confidence index for November 2024 reached 56.9, up from 56.0 in October. This marks the second consecutive month of improvement in the past nine months, as consumers perceive that government economic stimulus measures are alleviating economic concerns. The resolution of flooding issues in the North and Northeast has also contributed to an uptick in domestic tourism.
Despite these improvements, consumers continue to express reservations about the overall economic situation, job opportunities, and future income prospects. The overall economic confidence index stands at 50.4, the job opportunity confidence index at 54.3, and the future i
ncome confidence index at 66.1. Concerns remain due to domestic political challenges and the high cost of living, along with potential global economic slowdowns linked to future trade conflicts.
The current consumer confidence index rose from 39.6 to 40.4, while the future confidence index improved from 64.0 to 64.9. The consistent rise in consumer confidence across all categories over the past two months indicates a budding belief among consumers that economic recovery is possible, provided the government continues its economic initiatives and no new internal or external risks arise.