Thailand Personal Spending Rebounds in October

Private consumption indicators in Thailand climbed 2.5% month-on-month in December 2025, rebounding from a 0.3% fall in November and marking the sharpest rise since April 2022. Gains were broad-based across all spending categories, with growth in services spending led by hotels and restaurants, partly supported by government stimulus measures. Durable goods consumption also strengthened, driven by higher vehicle sales, including accelerated electric-vehicle purchases ahead of the EV 3.0 scheme expiration and new model launches at the Motor Expo. Spending on non-durable goods increased, reflecting higher fuel sales and consumer goods purchases, while semi-durable goods were supported by stronger imports of textiles and apparel. Looking ahead, momentum warrants close monitoring amid still-fragile purchasing power, potential normalization of vehicle purchases, and a decline in consumer confidence from the previous month.

Private consumption in Thailand declined by 0.3% month-on-month in November 2025, reversing the 1.3% growth recorded in the previous month. The contraction was mainly driven by weaker spending on non-durable goods, reflecting lower fuel sales and reduced electricity usage. Consumption of durable goods also fell, in line with fewer motorcycle registrations and lower passenger car sales. In contrast, spending on services continued to expand, led by hotels and restaurants amid higher foreign tourism receipts and the positive effects of government stimulus measures. Moreover, spending on consumption goods increased. Meanwhile, consumer confidence showed further improvement.

Private consumption in Thailand grew 1.3% month-on-month in October 2025, recovering from a 0.8% decline in the previous month. The rebound was supported by higher services spending, reflecting increased hotel and restaurant expenditures amid stronger domestic and foreign tourism. Spending on non-durable goods also rose, reflecting higher fuel sales in line with improved transport activity. Durable goods consumption increased as well, boosted by stronger sales of passenger cars, including electric vehicles. In addition, spending on semi-durable goods remained stable during the month. Meanwhile, consumer confidence improved for a second consecutive month, supported by ongoing government stimulus measures. (e