Thai consumer confidence rose in May for a 12th month to a 39-month high, boosted by higher foreign tourist arrivals and increased activity during the recent national election, a survey showed on Thursday.
The consumer index of the University of the Thai Chamber of Commerce (UTCC) rose 55.7 in May from 55.0 in April, the university said in a statement.
Spending during the May election helped consumption and confidence was also boosted by better-than-expected economic growth in the first quarter, driven by tourism, the university said.
Thailand recorded 10.4 million foreign tourists from January to May 28, government spokesperson Anucha Burapachaisri said on Thursday. The government expects at least 25 million foreign visitors in the whole of 2023.
However, consumers were concerned about the high cost of living and political uncertainty after the May 14 election.
Move Forward Party (MFP) leader and prime ministerial frontrunner Pita Limjaroenrat has formed an alliance with seven other political parties but faces an uphill battle in wooing members of an unelected Senate to back him in a legislative vote to choose the premier, which is expected by August this year.