The CCI declined from 74.2 points in September to 73.1 last month. A level below 100 reflects weak consumer sentiment.
Lower confidence is bad news for various industries, as consumers believe it is not the suitable time to spend money on certain things, mainly a new house, a new car or travel, and for small and medium-sized enterprises to invest and expand their businesses.
Thanavath Phonvichai, director of the UTCC’s Economic and Business Forecasting Centre, said yesterday that despite the gloomier October result, consumer confidence was expected to recover in the first quarter of next year on a recovering global economy and the Thai government’s investment plans.
Based on 2,243 responses to its survey last month, the UTCC found other indices reflecting drop in consumer confidence.