Economy Thai Consumer Confidence Hits 32-Month Low Amid Economic Woes

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Picture courtesy of Thailand Business News

 

Thai consumer confidence has plummeted to its lowest point in over two years, driven by fears of a sluggish economic recovery, political instability, and US tariffs. The University of the Thai Chamber of Commerce reported a decline in its consumer index to 50.1 in August from 51.7 in July. The survey, conducted prior to Anutin Charnvirakul taking office as the new Prime Minister, suggests uneasy public sentiment.

 

Various factors, including political uncertainty and global trade tensions, are at play. The US recently lowered tariffs on Thai goods, but concerns about tariffs related to transshipments remain. The University of the Thai Chamber of Commerce's president, Thanavath Phonvichai, indicated that consumer confidence could improve with effective government intervention under Prime Minister Anutin.

 

Thanavath noted that reversing this downward trend depends on the new government's ability to produce tangible results. He mentioned that the prevailing mood might improve due to initial optimism surrounding Prime Minister Anutin's economic revitalisation efforts. Anutin has already shown his intent to address economic challenges with his first cabinet selections.

 

Thailand's economy, projected to grow by 1.8 to 2.3 percent this year, faces stiff competition from regional peers. The economic expansion rate last year was 2.5 percent, lagging behind other Southeast Asian countries. Experts emphasise the importance of maintaining competitiveness amid global trade uncertainties and a strong Thai baht, which has appreciated by 8 percent against the dollar this year.

 

Key Takeaways

 

• Thai consumer confidence has fallen to a 32-month low.
• Political stability and effective government policies are critical.
• The strong baht adds pressure amid trade challenges.

Related Stories:

 

Thai Economy Faces Recession Risks Amid Consumer Confidence Decline and Trade War Worries

Thailand Faces Economic Slowdown Amid Weak Consumer Spending and Industry Struggles

 

 

  Adapted by ASEAN Now from Thai Newsroom 2025-09-12