JPMorgan’s latest wallet share study, updated with second-quarter 2026 GDP figures, shows Thai households redirecting a larger portion of their budgets toward energy needs, a trend the brokerage links to fuel price increases stemming from ongoing geopolitical conflict.
According to the report, transportation posted the sharpest gain among spending categories, with its share of overall consumer wallets climbing to 11.8%. JPMorgan attributes this rise directly to conflict-related pressure on fuel prices, noting that the increased outlay on transport appears to have displaced spending in other areas—most notably at restaurants, which absorbed the brunt of the discretionary pullback.
Despite the pressure on discretionary categories, essential consumption held steady. The report finds that spending on food, beverages, and alcohol remained largely unchanged, pointing to continued resilience in basic household consumption even as fuel costs rise.
Home improvement spending offered a modest bright spot, turning slightly positive after multiple quarters of decline. JPMorgan characterizes this as an early sign of stabilization, though it cautions that the category continues to rank among the weakest performers in the overall consumption basket.
On stock positioning, JPMorgan named CPALL, CPN, and MRDIYT as its key overweight picks, while flagging BJC and CPAXT as key underweights.