The forecast period expected to see a positive performance for consumer lending in Thailand as the receding impact of the COVID-19 pandemic means that Thai people will have greater financial ability to apply for new loans and paying off existing ones. The relaxation of COVID-19 measures, including the unconditional reopening of international borders to tourists in late 2022 (previously tourists could enter but had to show a vaccination certificate or proof of a recent negative test), is likely to boost the incomes of many local people given the strong reliance the Thai economy has on tourism and related businesses.
Auto lending is expected to be the most common loan type from 2023 onwards as higher consumer confidence will lead more Thai people to splash out on big ticket items like new vehicles. Also, from 2022 onwards, most companies in the country have begun encouraging their staff members to work in the office, thus leading to more people commuting daily.
As the economic situation in Thailand improves, is likely that the more relaxed rules that the Bank of Thailand rolled out to ease the financial burdens of the population will no longer apply. This may somewhat restrict access to credit for Thai people, especially those who have faced severe financial difficulties since the onset of the COVID-19 pandemic.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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