According to a report by the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce, Thailand’s monthly consumer confidence index for February reached 52.6, up from 51.7 in January. This marks the ninth consecutive month of increase and the highest level in three years since the COVID-19 epidemic began in early 2020.
The Consumer Confidence Index of the overall economy rose to 46.8, up from 46.0 in January, and the Consumer Confidence Index of job opportunities increased to 49.9 from 49.0 in January. The index of future earnings sentiment also showed growth, standing at 61.2, up from 60.2 in January.
The president of the Advisory Center for Economic and Business Forecasting stated that “the overall index has improved in all parts and is the highest in 36 months since March ’20.”
The report attributed the rise in consumer confidence to various factors, including the government’s continuous efforts to stimulate the economy in 2023, land and building tax reduction measures, an increase in the number of foreign tourists entering Thailand, improved prices of agricultural products resulting in higher incomes for farmers, and an increase in purchasing power in the provinces. Additionally, domestic retail oil prices began to decline, and the baht depreciated slightly.
In conclusion, Thailand’s consumer confidence index for February reached the highest level in three years, according to a report by the University of Thai Chamber of Commerce. This growth is attributed to various factors, including government measures to stimulate the economy, an increase in foreign tourists, and improvements in the agricultural sector. The report suggests that the rise in consumer confidence is a positive sign for the economy, but the outlook remains uncertain.