Thailand’s consumer confidence index (CCI) reached a 38-month high in April 2023, according to a survey conducted by the University of the Thai Chamber of Commerce (UTCC).
The survey, which interviewed 2,238 respondents across the country, revealed that consumers’ outlook on current and future economic conditions, job prospects and income expectations improved significantly, thanks to several factors such as:
- A rebound in tourism, as Thailand beat its target for tourist arrivals in the first quarter, recording 6.15 million visitors in the January to March period. The Tourism Council, an industry body, said at least 30 million tourists were expected to visit the country this year and spend 1.5 trillion baht (USD 43.74 billion).
- A reduction in petrol prices, which eased consumers’ cost of living and boosted their purchasing power.
- A hotel subsidy scheme, which encouraged domestic travel and stimulated spending on accommodation and related services.
- An upcoming general election, which raised hopes for political stability and economic recovery.
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