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Thai consumer confidence at 3-year high in March
THAI consumer confidence rose for a 10th straight month in March, reaching a three-year high, boosted by a recovery in tourism and spending for the upcoming election, a survey showed on Tuesday (Apr 11).
“Chinese tourists are returning, creating revenue, generating economic activity and improving the business climate,” Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC), told a briefing on a consumer survey.
The consumer index rose to 53.8 in March from 52.6 in February.
Thailand has long been a popular destination for Chinese tourists with more than 11 million visiting Thailand in 2019, nearly a third of the total.
In the first quarter, South-east Asia’s second-largest economy beat its target of 6 million foreign arrivals, recording 6.15 million visitors. The country expects to welcome up to 30 million arrivals in the full year.
As Thailand heads into elections next month, canvassing and campaigning is also generating activity.
“(Elections) will impact confidence in April and May as the formation of a government becomes more clear and the money spent campaigning is reflected in the economy,” Thanavath said.
A separate index for business confidence also rose to 50.5 in March, the highest in 49 months. REUTERS