Thailand consumer confidence falls again as high living costs bite
Thailand’s consumer confidence slipped to 50.6 in April, even as tourism improved and inflation climbed to a 38-month high.
Thailand’s consumer confidence fell again in April to 50.6 from 51.8 in March, its lowest level in eight months and the second straight monthly decline, underscoring how stubborn living-cost pressures are still weighing on households. The University of the Thai Chamber of Commerce said its survey of 2,241 respondents showed weaker sentiment across the economy, jobs and future income.
The reading stayed far below 100, the benchmark the university uses to signal optimism, and the causes were concrete: high energy prices, expensive fertilizer and weak agricultural prices. Thanavath Phonvichai, the university president, said the agriculture sector was clearly not doing well, while investment and consumption were slowing even as tourist arrivals improved.
The slide in confidence came as Thailand’s cost of living was rising again. Headline inflation jumped to 2.89% in April, the highest in 38 months and the first annual increase in consumer prices since March 2025, with fuel and transport costs doing much of the damage. The university also tied the weaker mood to geopolitical strain, especially the U.S.-Israel-Iran conflict, which it said could push global oil prices higher and feed through to Thailand’s energy bills.
That combination helps explain why the recovery has looked uneven. Thailand brought in 11,364,781 foreign tourists from Jan. 1 to April 26, a 3.40% decline from a year earlier but still enough to generate an estimated 555.631 billion baht in spending, according to the Ministry of Tourism and Sports. Tourism perked up during Songkran week, when foreign arrivals reached 619,481 from April 6 to 12, up 8.76% from the previous week. Even so, that support has not been strong enough to fully offset pressure on household budgets.
Bangkok has tried to show it is responding. Prime Minister Anutin Charnvirakul was seen riding a motorbike with Commerce Minister Suphajee Suthumpun to promote lower prices for consumer goods, while the Commerce Ministry has pushed measures to stabilize essentials and launch a nationwide affordable-goods campaign. The University of the Thai Chamber of Commerce said some sentiment was being cushioned by political stability and government help for vulnerable households, but the broader tone remained soft.
For U.S. investors and policymakers watching Asia, Thailand offers a useful warning: headline growth can coexist with fragile consumers. Tourism and stable politics can prop up the macro picture, yet high food, fuel and farm-input costs can still suppress spending, weaken domestic demand and keep Southeast Asia’s recovery uneven.
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