Thailand’s consumer confidence plummets to the lowest in history amid third wave of Covid-19 pandemic, according to prominent financial study

PHOTO: workpointtoday

Bangkok –

Thai people’s consumer confidence in all aspects has plummeted to the lowest in history due to the Covid-19 pandemic situation in the country, the University of the Thai Chamber of Commerce (UTCC) reported today, July 8th.

According to the UTCC economic reports in June 2021, the majority of Thai people, accountable for 75.2 percent, believe that the Thai economy is bad while 24 percent say it is moderate. Only 0.8 percent of the survey say that the domestic economy was good.

Additionally, the majority of people had a poor level of confidence in the Thai economy, accounting for 64.5 percent of the survey. The overall Thai economic confidence index falls to only 37.3 percent.

Regarding domestic job confidence, the majority of the population, or about 70 percent, think their job opportunities are poor at present while only 0.8 percent say they are presentable. In the next 6 months, 61.7 percent of the survey believe that their job opportunities in Thailand will remain poor, causing the overall job sentiment index to be at 40 percent.

The report also indicated the consumer confidence among different future income levels that 51.7 percent of people are confident that their future income will deteriorate while 44.8 percent say it will stay moderate, and 3.7 percent of them believe it will improve. The overall confidence index about future income is at 52.1 percent.

In addition, Thailand’s overall consumer confidence has dropped from 29.2 to 28.1, the lowest level in 22 years since April 1999 or during the recovery from the Tum Yum Kung Crisis.

The drops in the consumer confidence index amid the public concerns about the third wave of the Covid-19 pandemic proves that domestic consumers are still concerned about the COVID-19 situation in Thailand and in the world that it will significantly affect the recovery of the Thai economy in general.

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National News Writer at The Pattaya News. Born and raised in Bangkok, Nop enjoys telling stories of her hometown through her words and pictures. Her educational experience in the United States and her passion for journalism have shaped her genuine interests in society, politics, education, culture, and art.