Thai consumer confidence at 25-month high in December as tourism recovers

THAI consumer confidence rose for a seventh straight month in December, reaching a 25-month high, boosted by improved economic activity and higher foreign tourist arrivals, a survey showed on Thursday (Jan 12).

The consumer index of the University of the Thai Chamber of Commerce rose to 49.7 in December from 47.9 in November.

“We expect consumer confidence will gradually improve, as the faster than expected arrival of Chinese tourists is a factor that is supporting the economy,” university president Thanavath Phonvichai told a briefing.

The economy is expected to grow 3.5 per cent to 4.0 per cent this year, he said.

The economy will continue to be driven by the vital tourism sector, which should see at least 22-25 million foreign tourist arrivals this year, he added.

Thailand is expecting at least five million Chinese tourist arrivals this year, about half the number recorded before the coronavirus pandemic, as China reopens its borders.

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In pre-pandemic 2019, there were nearly 40 million foreign tourists who spent 1.91 trillion baht (S$76 billion). REUTERS