Thai Consumer Confidence Hits 25-Month High in December

Consumer confidence in Thailand increased for the seventh straight month in December, reaching a 25-month high on the back of steady oil prices, an increase in the number of international visitors, and a depreciation of the baht.

The University of the Thai Chamber of Commerce (UTCC) reported on Thursday the consumer confidence index rose to 49.7 in December from 47.9 in November.

Consumer confidence was buoyed last month by a steady rise in domestic oil prices from a month earlier, an increase of inbound travelers following the country’s reopening, a rally in the Thai stock market, and a stronger baht.

Consumers, however, are concerned about a number of issues including the lingering recovery of the economy, inflation, a decline in exports, the conflict between Russia and Ukraine, a dismal global economic outlook, and an increase in Covid infections.