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Election drives consumer confidence to a 53-month high: Commerce Ministry

Consumer confidence rose on a rebounding economy, particularly in the tourism sector, government measures to lower household electricity bills, falling oil prices, and the election.

The Nation

The Nation

         

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June 15, 2023

BANGKOK – The consumer confidence index (CCI) rose to its highest level in 53 months in May, 56.6 points, following the election, as the Thai economy continued to recover, tourism improved, and energy prices fell, the Commerce Ministry’s Trade Policy and Strategy Office said on Tuesday.

Poonpong Naiyanapakorn, the office’s director, said the CCI rose for a sixth consecutive month in May, up more than three points from April when it was at 53.5 points.

Consumer confidence rose on a rebounding economy, particularly in the tourism sector, government measures to lower household electricity bills, falling oil prices, and the election.

The May 14 election had a significant impact on the index’s rise, Poonpong said.

The May 14 election saw opposition parties take control of the House of Representatives, while parties from the previous governing coalition were trounced.

Domestic politics and the election have had a rising impact on the CCI this year, Poonpong said. In January concerns about domestic politics and the election were measured at about 5.7% in terms of impact on the CCI. This rose to 7.8% in February, 9.2% in March and 13.4% in April.

In May, the impact of domestic politics on the CCI rose to 19.9%, Poonpong said, providing the following breakdown for regions, age, occupations and income groups. (The figures show the shift from January to May.)

Regional CCI trends (January to May)

• Central region: increased from 5.2% to 22%

• Northeastern region: increased from 6% to 22%

• Northern region: increased from 6.1% to 21.3%

• Southern region: increased from 5.1% to 18.3%

• Bangkok and metropolitan area: increased from 6.7% to 17.1%

Age bracket

• Under 20: increased from 6.9% to 14.5%

• 20-29: increased from 7.1% to 19.0%

• 30-39: increased from 5.6% to 19.1%

• 40-49: increased from 4.9% to 21.9%

• 50-59: increased from 5.4% to 18.5%

• 60 and above: increased from 6.2% to 25.4%

Occupational groups

• Private employees: increased from 5.6% to 26.1%

• Business owners: increased from 5.3% to 20.3%

• Self-employed: increased from 6.1% to 19.6%

• Government employees: increased from 6.1% to 18.3%

• Unemployed/Retired: increased from 9.5% to 18%

• Students: increased from 9% to 14.8%

• Farmers: increased from 3.6% to 11.2%

Income groups (monthly income)

• Below 5,000 baht: increased from 5.1% to 14.9%

• 5,000 to 10,000 baht: increased from 7% to 18.5%

• 10,001 to 20,000 baht: increased from 5.4% to 17.9%

• 20,001 to 30,000 baht: increased from 4.8% to 23.7%

• 30,001 to 40,000 baht: increased from 7.4% to 25.9%

• 40,001 to 50,000 baht: increased from 4.1% to 26.4%

• 50,001 to 100,000 baht: increased from 3.3% to 24.8%

• Above 100,000 baht: increased from 5.9% to 14.3%

If the Thai economy continues to recover and the political situation remains clear, consumer confidence will likely remain in positive territory, officials said.

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