Thailand's consumer confidence increases in February



Thailand's consumer confidence increases in February

BANGKOK, March 7 (Xinhua) -- Thailand's consumer confidence index (CCI) continued to increase in February, reaching a 48-month high due to government steps to boost domestic consumption and reduce living costs, a survey showed on Thursday.

According to the University of the Thai Chamber of Commerce (UTCC) survey of 2,248 respondents across the Southeast Asian country, the CCI rose to 63.8 last month from 62.9 in January as components of the index improved for the seventh month.

The February figure was supported by the government's tax refund scheme and energy price cuts, along with a rebound in foreign tourist arrivals, the UTCC said in a statement.

Consumer willingness to spend on travel reached a record high in February, signaling that tourism continued to be a key driver of the service sector, which is expected to accelerate economic recovery in the second quarter of this year, said UTCC President Thanavath Phonvichai.

However, consumers remained concerned about the sluggish economy and high cost of living as official projections saw a downgrade in economic growth this year, Thanavath told a news conference.

Thailand's consumer confidence increases in February

Thailand's consumer confidence increases in February

Xinhua
8th March 2024, 03:05 GMT+11

BANGKOK, March 7 (Xinhua) -- Thailand's consumer confidence index (CCI) continued to increase in February, reaching a 48-month high due to government steps to boost domestic consumption and reduce living costs, a survey showed on Thursday.

According to the University of the Thai Chamber of Commerce (UTCC) survey of 2,248 respondents across the Southeast Asian country, the CCI rose to 63.8 last month from 62.9 in January as components of the index improved for the seventh month.

The February figure was supported by the government's tax refund scheme and energy price cuts, along with a rebound in foreign tourist arrivals, the UTCC said in a statement.

Consumer willingness to spend on travel reached a record high in February, signaling that tourism continued to be a key driver of the service sector, which is expected to accelerate economic recovery in the second quarter of this year, said UTCC President Thanavath Phonvichai.

However, consumers remained concerned about the sluggish economy and high cost of living as official projections saw a downgrade in economic growth this year, Thanavath told a news conference.