Consumer confidence in Thailand dropped to its lowest point in 14 months during July, according to an index published by the University of the Thai Chamber of Commerce.
The University said its Confidence Index dropped to 73.4 points, continuing a downward trend for the seventh consecutive month. Other indices reflecting consumer confidence also slipped, including projections of future income from 90 to 88.8 points and employment opportunities from 69.4 in June to 68.6 points in July.
Many of those surveyed by the University said factors include the year’s long-running drought crisis, the government’s projected GDP growth target of 3 percent and a slowdown in the Kingdom’s exports. The majority of respondents also agreed that the economy is in its worst shape since the flood crisis of 2011.
The University added that spending for yesterday’s Mother’s Day was expected to grow only slightly, by 1.61 percent year-on-year, to THB 12.24 billion.
It said the anticipated low growth was also being caused by the rising cost of living resulting from generally higher prices.