Thai consumer confidence reaches 38-month high in April
Consumer confidence in Thailand experienced an 11th consecutive month of growth in April, hitting a 38-month high, according to a recent survey. It revealed that the continued recovery in the tourism sector, combined with increased activities in anticipation of the May 14 election, were major contributors to this boost.
The University of the Thai Chamber of Commerce (UTCC) reported that its consumer index rose to 55.0 in April, up from 53.8 in March. Despite concerns over the high cost of living, the UTCC stated that spending is likely to increase in the second quarter as election canvassing and campaigning stimulate economic activity.
Furthermore, consumers expressed confidence that Southeast Asia’s second-largest economy is on a clearer path to recovery. This is due, in part, to the tourism sector, which has seen a rise in foreign arrivals, particularly from China. As a long-time favourite destination for Chinese tourists, Thailand welcomed more than 11 million Chinese visitors in 2019, representing nearly a third of the total number of tourists.
Between January and April of this year, Thailand recorded 8.6 million foreign visitors. The government anticipates welcoming up to 30 million foreign tourists over the entire year. This continued growth in tourism, coupled with the increased activities surrounding the upcoming election, is forecasted to provide further support to the Thai consumer confidence and overall economic landscape in the near future, reports Bangkok Post.
