Consumer Sentiment Improves for the First Time in 15-Month in May as Govt Eases Lockdown

Thailand consumer confidence index rose to 48.2 in May from 47.2 in April, the first time surge in 15 months, after the government loosened country lockdown and economic stimulus program was introduced, said the University of the Thai Chamber of Commerce (UTCC) 

“Although the consumer confidence index in May rose for the first time in 15 months, but the overall consumer confidence index remains in the lowest in 21 years and 8 months since the index began” said Thanavath Phonvichai, president of the UTCC.

The Bank of Thailand’s decision to cut the policy rate by 25 basis points from 0.75 to 0.50% on May 20,  was also a positive factor supporting consumer sentimental expanded again.

UTCC expected that Thai consumption would continue slowing down for at least 3 – 6 months until virus spreading situation easing and economic activities back to normalize. 

Mr. Thanavath said UTCC has maintained its forecast of Thai economy at a 3.5 – 5% contraction.