On September 25th, 2023, Mr. Yuthchai Tayaratchakul, Executive Vice President of United Overseas Bank (UOB), gave a statement on a recent report on the ASEAN Consumer Sentiment Study (ACSS).

 

The report presented a significant insight into citizens and business sectors in current economic circumstances from 5 countries in ASEAN: Singapore, Malaysia, Indonesia, Vietnam, and Thailand.

The top three financial concerns of the respondents are rising inflation, household expenses, and shrinking savings, respectively. Given these concerns, Thais tend to focus more on prudent spending. They are also gravitating towards investing via digital banking platforms, the study showed.

 

By Kittisak Phalaharn

 

Full story: THE PATTAYA NEWS 2023-09-27

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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1 hour ago, webfact said:

The top three financial concerns of the respondents are rising inflation, household expenses, and shrinking savings, respectively.

Notice that Thais don't worry about the crushing unsecured debt that most of them carry.  Banks and lenders are easy.  Just borrow more! 

If you drive around rural Thailand and you can read Thai you'll observe that almost every other telephone pole or power pole has some kind of advert on it for money lending.  It seems to be mostly unregulated and out of control...

 

Major Banker Says Most Thais Have Financial Concerns

 

you could've fooled me, judging by the queues outside the apple shop last week!!!

 

 

Rob Peter to pay Paul... is how most Thais live each month..

except the elite.

3 hours ago, bob smith said:

you could've fooled me, judging by the queues outside the apple shop last week!!!

And lots of credit cards getting maxed out.

1 hour ago, hotchilli said:

Rob Peter to pay Paul... is how most Thais live each month..

except the elite.

Totally unsustainable economic model. 
 

I see another Tom yum kung on the horizon! 

36 minutes ago, sidneybear said:

And lots of credit cards getting maxed out.

But with the minimum repayment due to rise from, just 5% to to 8%, NPL and many other forms of Debt will be out of control

Already this Year NPL has risen by a whopping 30+% on vehicle Loans

The bar girls, taxi drivers, Sukhumvit tailors or housing developpers and others who offer services to tourists or retirees definately do not have any ca$h problem, that's for sure.

16 hours ago, Cake Monster said:

But with the minimum repayment due to rise from, just 5% to to 8%, NPL and many other forms of Debt will be out of control

Already this Year NPL has risen by a whopping 30+% on vehicle Loans

Minimum credit card repayments were increased to 10% a few years back. Belts will have to be tightened though.