Consumers Confident About Bangkok’s Tourism And Export Industry
During a March survey, it was found out that the confidence of the consumers increased due to the booming export industry as well as the continued arrival of tourists in the country. This is opposite to the findings in February where consumer confidence showed a slight decline. Businesses including those headquartered in Interchange 21 Offices are happy about the result.
The University of the Thai Chamber of Commerce or UTCC conducted the most recent survey. For the month of March, the index showed consumer confidence at 79.9 while it was 79.3 the previous month.
The decline in February came after seven months of high consumer confidence index. The main reasons for the decline are the lower prices of the commodity, the uncertainty of the political sector and the value of baht which is getting stronger.
According to UTCC’s vice president of research, Thanavath Phonvichai, there was an increase in consumers buying durable goods like cars and houses during the month of March because they saw the strengthening of the tourism and export industries. He added that they are looking forward to an increase in spending from the consumers in the second half of 2018 as long as there is improvement in the political sector and the economy of the country.
A report published by the Commerce Ministry on the 21st of March showed that the exports approved by the customs were higher on February compared to the last 12 months. The main driving factor is the recovering economy and the increase in demand stemming from the partners of Thailand in trades.
The increase in exports were evident on products such as rubber, chemicals, electrical circuits, cars and vehicle parts, plastic pellets, computers and parts, finished oil and machinery and components.
Exports were highest in the Russian market as well as Commonwealth of Independent States. In fact, shipments to these countries increase by 89 per cent during the previous month.
This is a good sign for business in Thailand especially those in Interchange 21 Offices as consumers will be more confident in spending when the economy is doing well as a whole.