Thailand 2024 Consumer Outlook – Thailand Business News

We hold a positive outlook for consumer spending in Thailand over 2024, as the wider Thai economy recovers and growth figures return to a more stable medium-term trajectory.

• Consumer spending in Thailand is expected to grow by 4.8% in 2024, supported by a favorable macroeconomic environment and a recovery from the impact of Covid-19.
• High consumer confidence, reaching a 45-month high, indicates a likelihood of increased spending on big-ticket items as the economic and health situation stabilizes.
• The main risk to the consumer spending outlook for 2024 is the high debt levels of households in an elevated interest rate environment, which may constrain their ability to spend on other goods and services.

High-frequency data indicate that consumer confidence has reached a 45-month high, suggesting that consumer spending on big-ticket items will be more likely, as the economic and health…