THAILAND: Trade Uncertainty Weighs On Consumer Confidence

February consumer confidence eased to 57.8 from 59.0 but the Q1 average remains above Q4 by 1.5 points at 58.4. The economic component was also lower last month falling to 51.5 from 52.6. The Q1 averages signal that private consumption growth should have continued around Q4’s 3.4% y/y pace or even picked up a bit supported by government policy. However, the outlook may not be as positive as it appears that global uncertainty driven by increased protectionism is weighing on sentiment and that trend is likely to continue for now given recent US steel and aluminium tariffs and counter measures. 

Thailand consumption