Suitability index for buying property and a new car continues to fall
Survey conducted by the UTCC’s economic forecasting centre shows that most Thais feel this is not the right time to make major purchases
The Centre for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC) has reported that the suitability index of purchasing a new car in September 2024 declined for the seventh consecutive month, reaching its lowest point since March 2023.
The index for September 2024 was recorded at 67.0, down from 70.2 in August.
In September, 9.7% of consumers believed it was a suitable time to purchase a new car, 47.6% were unsure, and 42.7% deemed it unsuitable. That compares with 10.5%, 49.2% and 40.3% considering it suitable, being unsure or feeling it was unsuitable respectively.
The results mark the 59th consecutive month where the index has remained below 100% but above 50% and 90.3% of respondents viewed the current period as moderately or less suitable for purchasing a new car, indicating that most consumers still see this period as unsuitable for buying a new car.
Additionally, the suitability index of purchasing a new home in September fell for the seventh consecutive month, reaching its lowest point since February 2023 and dropping to 43.9 from 47.3 in August.
In September, 8.6% of consumers believed it was a suitable time to purchase a new home, 26.7% were unsure, and 64.7% considered it unsuitable, while in August, 9.4% saw it as a good time to buy, 28.3% were unsure, and 62.1% deemed it unsuitable.
Overall, 91.4% of respondents viewed the timing for buying a new home as moderately or less suitable. This suggests that even though most consumers still consider this period unfavourable for purchasing a new home, improvements can be expected in the future.
