UOB's ASEAN Consumer Sentiment Study 2023

Editorial Staff

UOB's ASEAN Consumer Sentiment Study 2023 highlights economic concerns and digital banking adoption in Thailand

United Overseas Bank (UOB) Thailand has unveiled its flagship ASEAN Consumer Sentiment Study (ACSS) for 2023, shedding light on the economic concerns and digital banking trends in Thailand.

Mr. Yuttachai Teyarachakul, head of Personal Financial Services, UOB Thailand, said "The UOB ACSS 2023 provides crucial insights for both consumers and businesses to navigate the current economic landscape. Our focus remains on empowering individuals to achieve their financial goals amidst these uncertainties, leveraging the evolving digital banking ecosystem and capitalising on present economic opportunities.

“ ASEAN Consumer Sentiment Study (ACSS) is UOB’s flagship study analyze consumer trends UOB's ASEAN Consumer Sentiment Study 2023 highlights economic concerns and digital banking adoption in Thailand Bangkok, 25 September 2023 - UOB Thailand has unveiled its flagship ACSS for 2023, shedding light on the economic concerns and digital banking trends in Thailand.”

The study reveals that while Thai consumers remain optimistic about the economy, there is growing apprehension about potential economic downturns. Key findings from the study include: • Overall sentiment among consumers in Thailand is positive. 72 % of respondents express concerns about a potential economic downturn in the next 6-12 months. • Rising inflation and increased household expenses have caused Thai consumers to be more conservative about their finance. There is a shift in financial behaviours; more money is going into savings and investments. • Digital banking and payment channels, particularly mobile banking apps and e-wallets, have seen robust growth in Thailand. Thai consumers are willing to share their personal data for personalised banking offers.

ACSS is UOB’s flagship study analysing consumer trends and sentiments in five countries (Singapore, Malaysia, Indonesia, Thailand and Vietnam). Now in its fourth year, the 2023 survey was conducted in June. In Thailand, the survey captures responses of 600 consumers across different demographic groups.

The study highlights that 57 % of respondents are concerned about rising inflation. There has been a notable 14 % increase in worries about higher household expenses and an 11 % rise in concerns about dwindling savings.