Thailand's consumer confidence rose for a 10th straight month in March, reaching a three-year high, boosted by a recovery in the crucial tourism sector and spending for the upcoming election, a survey showed on Tuesday.
The consumer index of the University of the Thai Chamber of Commerce (UTCC) rose to 53.8 in March from 52.6 in February.
Thai consumer confidence rose for a 10th straight month in March, reaching a three-year high, boosted by a recovery in tourism and spending for the upcoming election, a survey showed on Tuesday.
"Chinese tourists are returning, creating revenue, generating economic activity and improving the business climate," UTCC president Thanavath Phonvichai told a briefing on the consumer survey.
The consumer index rose to 53.8 in March from 52.6 in February. The index rose to 52.6 in February from 51.7 in January, stimulated by a recovery in tourism, government stimulus measures and a weak baht, according to the survey.
Thailand has long been a popular destination for Chinese tourists with more than 11 million visiting Thailand in 2019, nearly a third of the total.
In the first quarter, Southeast Asia's second-largest economy beat its target of 6 million foreign arrivals, recording 6.15 million visitors. The country expects to welcome up to 30 million arrivals in the full year.
As Thailand heads into elections on May 14, canvassing and campaigning is also generating activity.
"(Elections) will impact confidence in April and May as the formation of a government becomes clearer, and the money spent campaigning is reflected in the economy," Mr Thanavath said.
A separate index for business confidence also rose to 50.5 in March, the highest in 49 months.
On Monday, Bank of Thailand (BoT) governor Sethaput Suthiwartnarueput said the Thai economy is expected to grow 3.6% this year.
"The economy is resilient and is able to withstand multiple shocks," Mr Sethaput said.