Consumer confidence in Thailand increased for the seventh straight month in January, reaching a 2-year high, supported by a recovery in tourism and government stimulus measures, according to a survey released on Thursday, although the high cost of living remained a challenge.
The University of the Thai Chamber of Commerce (UTCC) reported on Thursday that consumer confidence reached a 26-month high of 51.7 in January, up from 49.7 in December.
A marked recovery in the key tourism sector, especially with the return of Chinese tourists, has been credited by the UTCC for boosting consumer confidence.
The university said that all indices were higher, implying that consumers were optimistic about the economy’s recovery and likely to increase their spending in the first quarter.
The UTCC, however, noted that that many Thais are still concerned about wages failing to keep pace with inflation, resulting in higher living costs.