Thailand’s consumer confidence declined for the first time in 14 months in July, pressured by concerns over political uncertainty after the general election on May 14 in which the kingdom still could not form a new government.
The survey showed that the consumer confidence index of the University of the Thai Chamber of Commerce fell to 55.6 in July from 56.7 in June. Still, the reading is in the positive territory.
According to the survey, consumers were worried about uncertainty in the process of forming a new government after the Move Forward Party, who won the majority of seats, could not secure its position as the leading party for the coalition government. Now, the Pheu Thai Party is switching stance to join other political parties in hope to get approval from senators.