Thai consumer confidence hits six-month high in December on stimulus, tourism

THAI consumer confidence rose for a third consecutive month in December to reach its highest level in six months as sentiment was bolstered by government stimulus measures and tourism, a survey showed on Tuesday (Jan 14).

The consumer index of the University of the Thai Chamber of Commerce increased to 57.9 in December from 56.9 in November, the university said.

“Consumers started to believe that the economy will recover in the future if the government continues to stimulate the economy,” it said.

Confidence was boosted by government subsidies for rice farmers, handouts for the elderly and tax breaks to boost consumption, the university said.

In December, the government approved the distribution of 40 billion baht (S$1.6 billion) among four million senior citizens as part of its flagship “digital wallet” handout scheme.

Higher foreign tourist numbers also helped spur economic activity, the university said.

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Thailand recorded 35.5 million foreign tourist arrivals in 2024, up 26.3 per cent from 2023.

In 2019, before the pandemic, Thailand attracted a record of nearly 40 million visitors.

Finance Minister Pichai Chunhavajira said last week he was hoping for economic growth of more than 3 per cent this year after expected growth of 2.7 to 2.8 per cent in 2024, with tourism remaining a key driver of South-east Asia’s second-largest economy. REUTERS