Thai consumer confidence remains lowest in almost 22 years despite slight monthly gains

BANGKOK – Aid measures, and the fifth phase easing of COVID-19 restrictions which included reopening entertainment venues, allowed Thai consumer confidence to improve slightly last month, the third month in a row, to 50.1 points from 49.2 in June.

The President of the University of the Thai Chamber of Commerce (UTCC), Asst. Prof. Dr. Thanavath Phonvichai, pointed out that despite the upward trend in consumer confidence, the figure is still at its lowest in 21 years and 10 months, due to the continued negative impact of COVID-19 on spending, tourism, exports and employment, as well as some concerns about the political situation.

Overall confidence in the economy, job prospects and revenue were also up compared to June, with only confidence in the political situation, driven by recent anti government protests, continuing a downward trend for the 17th month.

The Pattaya News notes that although entertainment and hospitality venues are fully opened international borders remain closed to tourists which has severely impacted both industries.

In Pattaya, roughly half the venues remain closed and confidence levels are low as many businesses rely on foreign tourists for their main source of revenue.

Original source, Thai National News Bureau with added content from the TPN team.

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