Political conflicts pressure consumer confidence
Thai consumer confidence sank to a 22-month low in November mainly due to the political impasses in the Kingdom, according to a survey by the University of the Thai Chamber of Commerce (UTCC).
Based on the survey of 2,256 respondents, Consumer Confidence Index (CCI) sank from 76.6 points in October to 75 points. The index has been declining in the past eight months and is now at the lowest level since February 2012.
Confidence in political situation also decreased to its lowest level, falling largely from 58.6 to 55 points - the lowest in 30 months.
Confidence in job opportunity was also down from 69.4 points in October to 68.2 points, while confidence in future income also dropped from 93.7 to 91.8.
According to Thanavath Phonvichai, director of the universityâ€™s Economic and Business Forecasting Centre, the confidence was affected by a series of negative factors including political conflicts, the lower projection for the Kingdom's growth this year, the weaker baht value, higher fuel prices, declining export growth, falling prices of farm crops, high cost of living, and uncertainties over the global economic growth.