Thai household expenditure in December lowest in 34 months
The drop in fuel and electricity bills for household users lowered average household expenditure for three consecutive months, the Trade Policy and Strategy Office (TPSO) said.
The office reported on Friday that Thais’ average household expenditure in December 2023 stood at 17,984 baht per month, dropping 0.83% — 174 baht — from the previous month. It was the lowest in 34 months since February 2021.
The office said another factor contributing to this trend was lower inflation in December, which expanded only 0.06% month on month. The average inflation for 12 months in 2023 was 1.23%, well below the TPSO’s target of not over 1.7%.
Average spending of Thai households in 2023 amounted to 18,123 baht per month, increasing by 219 baht over the 17,904 baht per month in 2022.
The TPSO divided household expenditure into seven categories: foods and non-alcoholic drinks, clothes and shoes, residence-related, medical and personal services, transport and communication, education and entertainment, tobacco and alcoholic drinks.
In December, the biggest non-food expenses for Thais were transport and communication (public transport, fuel, and mobile phone fees) at 4,110 baht. Residence-related expenses (rent, power bills, cooking gas and household items) followed at 3,989 baht. The third highest were expenses for medical and personal services at 987 baht.
In the food category, Thais spent around 1,650 baht per month for food delivered to their homes, 1,647 baht for meat as cooking ingredients, and 1,259 baht for dining out each month.
On average, foods and non-alcoholic drinks accounted for for 41.79% of Thais’ spending each month, said the office.
The TPSO estimated that household spending in January 2024 would continue the downward trend for four consecutive months, with supporting factors including the government’s policy of capping diesel prices, and discounts on power bills for households using less than 300 units per months.
The office also predicted that retail fuel prices in Thailand would decrease in January in line with global oil prices, which have been gradually falling due to the easing of the impact of the El Nino phenomenon.
