The University of the Thai Chamber of Commerce’s survey shows that in April 2023, Thailand’s consumer confidence index (CCI) reached a 38-month high. The CCI rose to 55.0 in April, marking its 11th consecutive month of growth, compared to March’s 53.8. The survey gathered data from 2,238 respondents across Thailand and revealed that consumers’ outlook on economic conditions, job prospects, and income expectations improved significantly. Factors contributing to this improvement include:
- A rebound in tourism, as Thailand surpassed its first-quarter tourist arrival target, with 6.15 million visitors in January to March and the Tourism Council predicting at least 30 million tourists to visit Thailand this year, spending USD 43.74 billion.
- A reduction in petrol prices, which eased consumers’ cost of living and boosted their purchasing power.
- A hotel subsidy scheme that encouraged domestic travel and spending on accommodation and related services.
- The upcoming general election that raised hopes.
