Consumers spend less due to living cost hike

August 21st, 2008 - 2:55 pm ICT by Amrit Rashmisrisethi  

The Director of the Center for Economic and Business Forecasting (CEBF), Mr. Thanavath Phonvichai (ธนวรรธน์ พลวิชัย), reveals that household liability has risen by 45.7 percent, adding that 74.1 percent of consumers are increasingly aware of their spendings due to increase in living costs.

Mr. Thanavath says that household debts from commercial banks, village funds and personal loans are at 22.5 percent, 19.1 percent and 17 percent respectively. He says in the next year, the percentage of formal debts will stand at 57.1 percent while the percentage of informal debt is estimated at 43.9 percent.

Mr. Thanavath says consumers are concerned over the national economy and public debts as their value has increased to 41.4 percent and 39.2 percent respectively. He says consumers are becoming more interested in saving their money in banks and purchasing insurance.

The CEBF Director also states that the Government’s six relief measures are very effective and 59.7 percent of members of the public express their satisfaction in the measures.

Source : National News Bureau, Public Relations Department of Thailand

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