ASEAN consumer activity to moderate in 2024: report

The region, however, will remain the fastest-expanding market globally.

Consumer activity in the Association of Southeast Asian Nation markets is expected to “lose steam” this year due to weakening confidence and the effects of tightening monetary policy.

In a statement, S&P Ratings said that despite this, the region will still be the “fastest–expanding consumer market in the world.”

“High underlying economic growth and supportive labour markets will prevent a sharp slowdown in consumer activity,” S&P Ratings said.

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The report also noted that consumption in Vietnam will improve following a slow growth in 2023.

Thailand, meanwhile, is proposing a budget stimulus which will support consumption.