April consumer mood hit record low

Consumer confidence hit a record low in April, dented by a new wave of COVID-19 infections, which could cost the economy as much as 600 billion baht if it cannot be contained this month, the University of the Thai Chamber of Commerce (UTTC) said on Thursday.

April consumer mood hit record low
Business April consumer mood hit record low published : 6 May 2021 at 14:30 writer: Reuters These vendors in Bangkok's normally bustling Chinatown had few customers on Tuesday, with consumer confidence at a record low. (Photo: Nittaya Nattayai) Consumer confidence hit a record low in April, dented by a new wave of COVID-19 infections, which could cost the economy as much as 600 billion baht if it cannot be contained this month, the University of the Thai Chamber of Commerce (UTTC) said on Thursday. The latest outbreak has accounted for more than half of Thailand's total infections and deaths and slowed domestic activity. The consumer index of the UTTC fell to 46.0 in April from 48.5 in March. "Consumers felt the economy had not recovered much and lacked catalysts despite government measures boosting some spending," university president Thanavath Phonvichai told a briefing. Consumer confidence would remain on a downward trend with no signs of recovery until new infections decrease and more vaccinations are administered, he said. The university estimated economic loss of 400-600  billion baht if the outbreak continues beyond this month, Thanavath said. The government should scramble to implement fresh relief measures to help shore up the economy, he added. On Wednesday, the government approved a relief package worth 255 billion baht to mitigate the impact of the outbreak. Do you like the content of this article?