BANGKOK, 12 August 2015 – According to the University of the Thai Chamber of Commerce (UTCC), consumer confidence hit its lowest point in 14 months in July.
The university said the confidence index dropped to 73.4 points, continuing a downward trend for the 7th consecutive month. Other indices reflecting consumer confidence also slipped, including projections of future incomes from 90 to 88.8 points and employment opportunities from 69.4 in June to 68.6 points in July.
Many of those surveyed by the university said factors include the year’s longrunning drought crisis, the government’s projected GDP growth target of 3% and a slowdown in the kingdom’s exports. The majority also agreed that the economy is in its worst shape since the flood crisis of 2011.
The university added that spending for Mother’s Day was expected to grow only slightly, by 1.61 per cent year on year, to 12.24 billion baht. The anticipated low growth being caused by the rising cost of living resulting from generally higher prices.