The COVID-19 outbreak in September began to stabilize, resulting in the relaxation of some outbreak control measures. This led to an increase in the KR-ECI in September from 33.0 in August to 36.6, in line with an increase in the 3-month Expected KR- ECI to 38.4 from 35.5 in August, as households held a better view of income and employment. However, the index remained low compared to the same period last year, as some households are increasingly concerned about household expenses excluding debt, including rising energy prices, utility bills and basic daily services expenses, in line with the pickup in inflation in September. In addition, other survey results have shown that most organizations have reduced overtime hours, which has affected household income.
In addition, KResearch also conducted another survey on government tourism projects, including the third phase of “Rao Tiew Duay Kan” (We Travel Together) and the Tour Tiew Thai (Thailand Tour) domestic tourism stimulus program, to study whether it could help motivate more tourism in Q4/2021. The survey indicated that such measures helped incentivize 30.7% of Bangkok households to travel, while in provincial areas only 16.5% of households were incentivized to travel, with the majority planning to travel in December 2021.
The COVID-19 outbreak is moving in the direction of improvement, while the government has announced their intention to lift quarantine requirements for foreign visitors from low-risk countries from November, and will continue to gradually liberalize economic activities in the country. However, the economic condition and livelihoods of households will remain vulnerable in the future, with the risks of continuing floods and rising energy prices, as well as the COVID-19 situation, remaining uncertain. Therefore, the government should accelerate confidence building in all sectors, such as taking clear measures to prevent and control the risks arising from the opening of the country to foreign tourists.
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