The KR-ECI in February 2024 remained static for two straight months, but households were still concerned about debts

• The KR-ECI Index in February 2024 remained static for the second consecutive month at 38.9, against 38.8 reported for January 2024. The price component of the KR-ECI showed that households were concerned about the gradual declines in domestic energy subsidies, and their debts. Meanwhile, the 3-month Expected KR-ECI fell slightly to 40.3, from 40.5 reported for January 2024.
• An additional survey on households' views towards debt burden in 2024 compared to the previous year showed that 61.9 percent of households incurred more debts while debts incurred by 53.4 percent of households were driven primarily by rising goods prices.
• KResearch expects the KR-ECI Index to recover at a slower rate in 2024 due to the slowdown in Thailand's economic recovery, plus other factors, including hefty household debts and gradual declines in energy subsidies. It is expected that the KR-ECI will decline during 2Q24 as households will likely incur higher expenses during a long holiday.