Thailand's consumer confidence improves further in October-Xinhua

Thailand's consumer confidence improves further in October

Source: Xinhua

Editor: huaxia

2023-11-09 21:14:15

BANGKOK, Nov. 9 (Xinhua) -- Thailand's consumer confidence index (CCI) reached a 44-month high in October due to government stimulus measures, rising foreign tourist arrivals, and improved exports, a survey showed on Thursday.

According to the University of the Thai Chamber of Commerce (UTCC) survey of 2,245 respondents across the Southeast Asian country, the CCI rose to 60.2 last month from 58.7 in September as all components of the index improved for the third month.

The October figure was mainly attributed to lower living costs as a result of the government's energy and gasoline price cuts, along with increasing inbound tourists on the back of the visa exemption scheme, said UTCC President Thanavath Phonvichai.

Consumers' willingness to spend on tourism reached a nearly 10-year high, reflecting tourism as a key driver of growth and a clear sign of economic recovery, Thanavath told a news conference.

However, the CCI improvement was weighed down by concerns over the Israel-Hamas conflict, which posed uncertainties over global energy prices, he noted.