Thailand’s consumer confidence index (CCI) hit a 26-month high in January, according to a study issued on Thursday, owing mostly to government stimulus measures and a revival in tourism.
According to a poll of 2,244 respondents conducted by the University of Thai Chamber of Commerce (UTCC), the CCI increased to 51.7 last month from 49.7 the previous month, representing the eighth consecutive month of rise.
The UTCC said in a statement that consumers believed the economy had improved because the tourist sector, the country’s major source of development, was picking up pace. This was particularly true because Chinese visitors started returning.
According to the statement, all indexes continued to rise in January. This demonstrates that the first quarter is off to a promising start, with people more inclined to spend and enthusiastic about the economy’s recovery.
Despite this, shoppers are still anxious about increasing fuel costs and interest rate increases, according to the research.