The Thai Chamber of Commerce published a survey of consumer confidence in July 2022, showing that the consumer confidence index in July was 42.4 compared to 41.6 in the previous month, which means that the index is improving for the second month in a row.
This is because consumers feel that the economy is starting to improve after COVID-19. Business has started working as usual, tourists are returning to the country.
However, the possibility of a return of COVID-19 is still there, albeit weak.
The Kasikorn Bank Research Center reported that in July 2022, the Thai Economy and Household Life Index (KR-ECI) rose to 32.5 and 34.0 from 30.8 and 32.9, respectively, due to high oil prices, but slightly decreased compared to June last year.
This was reflected in the inflation index in the energy sector, which decreased by 4.69% on a monthly basis. In July, the price of gasoline decreased and is 6.40 baht/liter.
The overall economic situation in the country has improved: the number of foreign tourists traveling to Thailand continues to increase, which makes it possible for people employed in the tourism sector to return to work. More than 1 million foreign tourists have already arrived.
However, the level of prices for consumer goods, such as kitchen utensils and transportation costs, has led to the fact that the majority of households (78.7%) notice an increase in the level of costs.