Consumer confidence rises for second month in October, boosted by ‘Let’s Go Halves Plus’

Thailand’s consumer confidence index (CCI) improved for the second consecutive month in October 2025, rising to 51.9, according to Thanawat Polvichai, Director of the University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting.

Thanawat said confidence has strengthened thanks to political stability under the new government and renewed optimism that the administration’s economic stimulus measures will lift short-term growth. However, concerns remain over the potential impact of US tariff policy and ongoing Thai-Cambodian border tensions, which could weigh on recovery.

Other indices also improved for a second month: Overall economic confidence at 45.5, job opportunity confidence at 49.6, and future income confidence at 60.6.

Thanawat said the clearer rise in confidence reflects the impact of the ‘Let’s Go Halves Plus’ scheme, which covers more than 20 million people, boosting purchasing power, reducing living costs and circulating income to local shops. More than 25 billion baht has already entered the economy.

By the end of the programme, combined spending from ‘Let’s Go Halves Plus’ and top-ups through the state welfare card is expected to inject over 100 billion baht into the economy.

Additional measures — including secondary-city tourism incentives and tax deductions — are expected to add another 50 billion baht, helping drive fourth-quarter GDP above 1% and keep full-year GDP growth on target at 2.4%, the Finance Ministry’s forecast.

Flooding is expected to have only a minor impact (dragging GDP by roughly 0.07%), though low agricultural prices — especially for rice and rubber — could reduce fourth-quarter GDP by a further 0.4%, equivalent to about 20 billion baht in lost farm income.

The Centre expects Thailand’s GDP in Q4 to grow 1.1%, with full-year growth reaching the projected 2.4%, in line with its own forecast of 2–2.5%. The outlook is supported by 88 billion baht from Let’s Go Halves Plus, 22 billion baht in state welfare card top-ups, and 50 billion baht from tourism stimulus measures.

The Thai Chamber of Commerce Confidence Index (TCC-CI) rose slightly in October to 44.1, up from 44.0 in September. Improvements were seen across most regions except the Northeast, where concerns over the border clashes persist. Many regions also continue to be affected by flooding and flash floods. Indicators that improved most relate to consumption, tourism, trade and services.

Thanawat said extending ‘Let’s Go Halves Plus Phase 2’ will be crucial during the political transition period leading up to parliamentary dissolution, when budget disbursement by a new government may be delayed until December. The next general election could also see unusually high spending, estimated at 40-50 billion baht.

He added that the government must accelerate procurement and investment projects before dissolution to support growth in the first quarter of next year. The University of the Thai Chamber of Commerce forecasts Thailand’s economy to expand by 2% in 2026.