Consumer confidence further rises in November

“Consumer confidence should increase continuously in the following months if no serious negative factors such as the conflict in the Middle East or terrorism in France have an effect. Domestic factors seem to be influencing a positive consumer outlook for the country’s growth and helping to increase their spending confidence,” Thanavath Phonvichai, director of the UTCC’s Economic and Business Forecasting Centre, said Thursday.

With better confidence, consumers feel optimistic about spending their money on durable goods and travel, particularly for purchasing a new house or new car, after the government’s measure to lower housing-transfer and mortgage fees. 

Consumers will also decide to purchase new cars during the rest of this year, as the excise tax for some vehicles will be increased in 2016. The Consumer Confidence Index (CCI) for November rose to 74.6 points from 73.4 in October, echoing more positive prospects for stronger economic growth late this year and in 2016, though still below the 100-point baseline.