Consumer confidence continues to recover for the third month in a row in July, the University of the Thai Chamber of Commerce (UTCC) said on Friday.
Thanavath Phonvichai, the UTCC’s president, said the consumer confidence index has increased from 49.2 points in June to 50.1 in July. The index dipped down to a 21-year low at 47.2 points in April before climbing back up.
The report came after the Ministry of Commerce (MOC) said on Thursday that purchasing power and domestic demand are recovering from the outbreak as the core consumer price index (CPI) has increased by 0.39 per cent year-on-year in July.
Apart from the CPI, PPI (Producer Price Index) and CMI (Construction Materials Price Index) has also increased from June to July.
Value-added tax collection from domestic consumption, the sales of cement, and the sales of motorbikes and commercial vehicles have picked up during the same period of time as well, the MOC added.
Thanavath said consumer confidence in the economy, future job opportunity and income prospect have all increased because of businesses reopening and the government’s relief and stimulus measures.
Oil prices have also continued to stay stable.
However, the ongoing coronavirus pandemic, the possible recession of at least 8.5 per cent, low crop prices, the extension of the State of Emergency, resurging political instability, and the escalating trade war between the US and China are still contributing to the negative sentiment at the moment.
