Thailand’s January consumer confidence at 47-month high on support measures, tourism

THAI consumer confidence rose in January to reach the highest level in 47 months, bolstered by government stimulus measures and tourism, a survey showed on Tuesday.

The consumer index of the University of the Thai Chamber of Commerce rose for a sixth successive month to hit 62.9, up from 62.0 in December, the university said in a statement.

“Consumer confidence is likely to continue to improve if the government is able to stimulate the economy in the first half of 2024 under its policies,” it said.

Thai officials have insisted they would go ahead with the government’s signature policy to give away 10,000 baht (S$376) to 50 million people through a mobile app to be spent within six months in their local communities.

That will be on top of a series of cuts introduced to alleviate cost of living, like fuel and electricity price measures.

Other measures to try to boost the economy include waiving visas for Chinese nationals to encourage inbound travel.

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In the January to Feb 11 period, Thailand welcomed 4.39 million foreign tourists, a 48 per cent jump from the same time a year earlier, government data show. REUTERS