Thai Consumer Confidence Plunges to Near-COVID Lows in H1 2026

Thailand is entering a period of heightened caution.

New findings from Ipsos’ What Worries Thailand? H1 2026 reveal a dramatic shift in public sentiment, with concerns around corruption, economic pressure, and geopolitical uncertainty driving one of the sharpest declines in confidence seen in recent years.

The data paints a picture of consumers becoming increasingly anxious about the future: confidence indicators have fallen across every dimension, spending caution is intensifying, and optimism around finances and investment has weakened significantly.

According to Pimtai Suwannasuk, Senior Client Officer at Ipsos in Thailand: 

This survey series has continuously tracked the concerns of the Thai public since 2022. The latest findings show significant shifts, particularly from the impact of global conflicts and economic uncertainty. Rising energy prices, cost-of-living concerns and declining confidence are changing consumer behavior in profound ways. As concerns shift, spending, saving and brand choices change as well. Businesses and brands must adapt quickly. 

Corruption Continues as Thailand’s Biggest Concern

Concerns around financial and political corruption continue to be Thailand’s leading issue. 

Nearly half of Thai respondents (49%) identified corruption as the country's top concern, followed by:

• Poverty and social inequality (41%)
• Military conflicts between nations (27%)
• Inflation (27%)
• Crime and violence (24%)

Inflation has now returned to the top five concerns, overtaking issues such as unemployment and crime. International conflicts also remain high on Thailand’s agenda compared to global norms. 

These concerns appear to be influencing broader perceptions of the country's future.

For the first time in months, more Thais believe the country is moving in the wrong direction (56%) than the right one, signaling a clear deterioration in public confidence. 

Personal financial confidence has also weakened considerably. Only 36% expect their financial situation to improve in the next six months, down from 50% in March. 
56% say they feel less confident about future investments, retirement savings, and funding their children’s education.

Thailand Enters a High-Caution Consumer Phase

Thailand’s declining confidence is now visibly affecting consumer attitudes and purchasing decisions.

Ipsos data suggests Thai consumers are entering a period of elevated caution driven by economic uncertainty, global tensions and concerns over future stability.

Key indicators show a rapid deterioration:

• 71% describe the current economic situation as “bad,” an increase of 17 percentage points within just one month.
• Thailand’s National Consumer Confidence Index fell to 45.5, marking a decline of 10.9 points, the largest monthly drop globally.

The decline is visible across all confidence indicators when comparing April with January 2026:

• Expectations Index: -14.3
• Investments Index: -13.4
• Current Conditions Index: -12.4
• National Index: -11.7
• Jobs Index: -6.8

These results indicate weakening confidence not only in the present economy but also in future employment prospects and long-term financial security.

Thailand Records Sharpest Confidence Decline

Across Asia-Pacific, consumer confidence has weakened considerably.

Among the six largest confidence declines globally, five occurred within the Asia-Pacific region.

Thailand recorded the largest decline at -10.9 points, ahead of:

• Malaysia (-6.1)
• South Korea (-5.1)
• Japan (-4.7)
• Australia (-4.6)

This marks Thailand’s second-largest confidence decline on record — surpassed only by April 2020, immediately after the onset of the COVID-19 pandemic.

The findings suggest Thailand is experiencing a confidence shock comparable to major periods of disruption.

Consumers Pull Back Spending: High-Income Households Lead the Shift

Declining confidence is now translating into measurable changes in consumer spending behavior.

The research found:

• 62% feel less comfortable making major purchases such as homes or vehicles.
• 51% are less comfortable buying household items.

Unexpectedly, high-income consumers are emerging as the most cautious group.

Compared with six months earlier:

Major purchases (homes, cars):

• High-income: 70% (+23)
• Middle-income: 50% (-1)
• Low-income: 62% (-1)

Household purchases:

• High-income: 59% (+24)
• Middle-income: 40% (+3)
• Low-income: 49% (+2)

Traditionally more resilient spending segments are now demonstrating greater sensitivity to uncertainty, suggesting caution is broadening across income groups.

Job security concerns also remain elevated, with nearly half of Thais expressing anxiety around employment stability.

Global Conflict and Energy Anxiety Drive Interest in Electric Vehicles

International conflict continues to shape local consumer sentiment.

Military conflict between nations remains among Thailand’s top three concerns, with many respondents expecting geopolitical tensions to continue through the end of the year and beyond.

These concerns are increasing anxiety around energy prices and cost-of-living pressures.

At the same time, Ipsos Mobility findings show that personal transportation remains deeply important in Thailand:

• 49% say life without a car would be impossible.
• 60% view electric vehicles (EVs) as highly attractive.

Interest in EVs is notably stronger than levels seen across North America and Europe.

The findings suggest sustainability and affordability are increasingly becoming linked in consumers’ minds.

Three Strategic Imperatives for Businesses and Brands

As consumer priorities evolve, Ipsos highlights three critical pathways for businesses and brands:

1. Value and reassurance are becoming the new brand currency

Consumers increasingly prioritize affordability, reliability and practical benefits. Brands can no longer rely on premium positioning alone. Messaging centered around stability, transparency and helping consumers navigate uncertainty will become increasingly important.

2. Energy volatility is accelerating shifts toward sustainable alternatives

Rising energy costs are driving demand for EVs, renewable solutions and cost-efficient lifestyles. Sustainability is no longer solely a long-term agenda — it is becoming an immediate consumer need tied directly to affordability.

3. Localized strategies and resilient supply chains create competitive advantage

Consumer responses vary significantly by market conditions, government intervention and economic realities. One-size-fits-all regional approaches are becoming less effective. Businesses require stronger local understanding and more agile operating models.