Poll Says Bangkokians Tightening Their Belts

[george]

Poll says Bangkokians tightening their belts

BANGKOK: -- With bad news looming over the Thai economy, Bangkok residents appear reluctant to spend and are socking income away in savings instead, according to a survey by the Thailand Marketing Research Society (TMRS).

The June edition of the ``Voice of Thailand'' survey, taken quarterly, had a focus group of 500 residents of Bangkok from 18 districts, with incomes from 15,000 to 100,000 baht monthly.

More than half of the respondents felt their personal finances were ``strained'' and had less confidence that they would see improvements in the next 12 months. About 44% remained confident in the economy, and said they spent as usual.

``The majority of consumers realised that they need to tighten their belts, and they are careful with spending,'' said Daranee Charoenrajapark, the TMRS president. ``They believe that savings can cushion the impact of the economic slowdown.''

But the top concern of respondents was crime, followed by inflation and high prices, a possible recession and unemployment (see chart). Government corruption was not a significant concern of the focus group.

Despite the concern over the economy, around 20% of the Bangkok residents believe that now is a good time to buy because of competition, promotions and price wars. Nearly half, however, said they would wait and see before making important purchases.

On the other hand, 83% of those with higher incomes said they were satisfied with their current quality of life; just 12% said they were dissatisfied.

``However, I believe most people are now aware of, and ready to cope with, the reality that the going will get tougher,'' said Mrs Daranee.

The June survey by the Thai Chamber of Commerce pegged the consumer confidence index at 80.3. That was down from 83.1 in May and marked the 14th consecutive month it has been lower than 100. The survey interviewed 2,256 people.

--Bangkok Post 2005-07-27

[Tywais]

I talked to a Thai colleage here at CMU and asked what he thought about the economic future of Thailand. He said he was very concerned. He had been planning on buying a new car to replace his very old one and has decided to not do it now and just save his money. He knows I'm looking to buy a new car and recommended that I keep mine if it still runs well.

[Firefan]

Interesting - going around BKK the activity still seems to be hectic in the malls, in the streets Etc. But maybe they are not spending and just hanging around... Cheers!