ReutersReuters

Thai consumer mood rises for first time in 6 months in June

Thai consumer confidence in June picked up for the first time in six months, bolstered by improved economic activity following an easing of COVID-19 curbs, even as high living costs remained a worry, a survey showed on Thursday.

The consumer index of the University of the Thai Chamber of Commerce rose to 41.6 in June from 40.2 in the previous month.

Other confidence indexes, including on job opportunity, also increased, showing that consumers were starting to regain confidence that the economy was recovering, the university said in a statement.

Spending, however, may not increase that much over the next few months due to concerns about rising retail prices, living costs and the Russia-Ukraine conflict, it said.

"Consumers are still cautious about spending. But there are positive signs that they started to feel the situation is getting better," university president Thanavath Phonvichai told a news conference.

Consumers are expected to spend more at the end of the third quarter, which will help drive a clearer economic recovery in the fourth quarter, he said.

Southeast Asia's second-largest economy is projected to grow between 2.5% to 3.5% this year, Thanavath added.

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