Thai consumer confidence hits highest level since March 2020

Consumer confidence in Thailand reached its highest level since March 2020, with a 12th consecutive monthly increase in May. The University of the Thai Chamber of Commerce (UTCC) reported that the consumer confidence index rose to 55.07 in May, up from 55 in April. Factors contributing to this increase include a recovering economy, a resilient tourism sector, and political campaigns during the General Election.

The index remains below 100 points as consumers perceive the economy to be recovering slowly from the pandemic. High inflation, rising interest rates, and concerns about the instability of US financial institutions have impacted domestic purchasing power, tourism, exports, business activities, and future job opportunities, according to the…