Thailand’s Consumer Confidence Index (CCI) has surged to a 37-month high in March, thanks to the government’s stimulus measures and the resumption of tourism, according to a survey released on Tuesday, April 11th. The University of the Thai Chamber of Commerce (UTCC) conducted the survey of 2,241 respondents nationwide, showing a rise in CCI to 53.8 in March from 52.6 in February, marking a 10th consecutive month of growth.
UTCC President Thanavath Phonvichai said that all indices continued to grow in March, reaching their highest levels in three years, suggesting that the economy is approaching pre-pandemic levels. Consumers showed the most willingness to spend on tourism, as the sector remains the country’s main driver of growth. Additionally, consumers were willing to spend on durable goods such as vehicles and real estate.
“Consumers in the middle- and high-income groups are more willing to spend and would further drive the economy,” Thanavath said during a news conference.
The resurgence of tourism has had a significant impact on the Thai economy, which saw a massive drop in revenue due to travel restrictions during the COVID-19 pandemic. The Thai government has introduced several stimulus measures to help revive the economy and support businesses affected by the pandemic.
