Consumer mood drops to lowest in almost 2 years on political concerns and trade war fears
The consumer confidence index (CCI) has slid for a fourth straight month to its lowest in almost two years, led by concerns over Thailand’s political uncertainties, a forecasting group said on Thursday.
The CCI for June came in at 63.4 points, extending a decline from the 64.8 posted in May. The result is the most downbeat recorded by the Centre for Economic and Business Forecasting of the Chamber of Commerce University since October 2017.
The centre’s director, Thanawat Phonwichai, also said that people’s confidence in finding a new job dropped from 73.3 points in May to 72.2 this month. Confidence about consumers’ future income prospects fell from 95 points in May to 93.5 in June.
The declines in the key components of the index are seen as a response to consumers’ worries over the country’s economy, with the likelihood of fallout from the trade war between China and the US, alongside concerns over the new government’s stability, Thanawat said.
