Survey: Thai consumer confidence index highest in 7 years

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Thailand’s consumer confidence index in March escalated for the fifth straight month to 84.8, the highest level in seven years, an academic research centre announced last week.

The Economic and Business Forecast Centre of the University of the Thai Chamber of Commerce (UTCC) unveiled a rosy prediction of Thai and global economy – a positive trend for investment in Thailand with contributions from the government’s Bt2 trillion infrastructure development and improved exports and tourism.

The centre said consumers are, however, concerned with the risks of the global economic situation and surging cost of living.

If the government speeds up its budget spending to stimulate the domestic economic system, the kingdom’s economy should grow at a minimum of five percent, it said.

In its survey of 1,183 people nationwide on their consumption during the coming Songkran festival, 46.8 percent are optimistic that the annual event will be as joyful and fun-filled as ever, 66.5 percent plan to take trips to their home provinces or for holiday, 81.1 percent will travel domestically and overseas and 18.9 percent take trips to Hong Kong, China, Japan and South Korea.

An estimated Bt114.119 billion will be circulated during Songkran, an increase of 10.42 percent, according to the centre.