Thailand’s Retail Sentiment Index surged by 43 percent in February, compared to January, according to the Thai Retailers Association (TRA), which partnered with the Bank of Thailand to conduct an online survey of more than 27,000 retailers nationwide.
The TRA found Thai retailers’ same-store sales, spending per transaction and the frequency of shopping all rose month-on-month as the government eased social distancing regulations implemented to slow the spread of Covid-19.
The spike in consumer confidence may also be related to the government’s recent economic stimulus packages.
Sompong Rungnirattisai, chief executive of Ek-Chai Distribution System Co, operator of the Lotus hypermarket chain, told The Bangkok Post he has noticed a recent consumer shift, from an early 2021 focus on buying necessities like food, to customers spending more on non-essential categories, including fashion.
Thailand’s economic growth is predicted to increase 1.5 percent in the first half of 2021 and 4.5 percent in the second half, with full-year growth of 2.8 to 3 percent this year, according to data from the University of the Thai Chamber of Commerce.