Thai consumer confidence plummets to 17-month low

Thailand’s consumer confidence reached a 17-month low in September 2024 due to worries about slow economic growth and flooding in some areas, leading to increased pessimism among consumers.

A survey conducted by the University of the Thai Chamber of Commerce revealed that the consumer confidence index dropped to 55.3 in September from 56.5 in August.

All components of the index experienced declines, indicating a broad-based weakening of consumer sentiment.

Flooding, particularly in the northern and northeastern parts of the country, coupled with high living costs, contributed to the decline in consumer confidence. Despite the government’s introduction of an economic stimulus programme for vulnerable groups, these factors had a significant negative impact on consumer sentiment.

University president Thanavath Phonvichai recommends government stimulus to boost domestic tourism and consumer spending to revive the Thai economy amidst Middle East tensions.

Attribution: Xinhua

Subediting: Y.Yasser