Thailand’s Consumer Spending to Hit THB103 Billion During New Year

New Year consumer spending in Thailand is projected to hit a three-year high of THB103 billion bolstered by post-pandemic economic recovery, according to a briefing on consumer survey conducted by the University of the Thai Chamber of Commerce (UTCC) reported via Reuters on Dec. 22.

During the briefing, UTCC President Thanavath Phonvichai said the Thai economy is expected to return to normal in 2023, with an expected increase of 20% in consumer spending from the previous New Year period of THB86 billion.

The tourism sector also made a significant contribution to consumer confidence, attaining a 20-month high in November, while industrial sentiment reached a 41-month high as well.

Dubbed as the second largest economy in Southeast Asia, Thailand is predicted to grow by 3.2% in 2022 and 3.7% next year, according to the central bank.