HomePro feels weak consumption in the third quarter

Thai home improvement group HomePro's third quarter sales were 3.11 per cent higher than the same period last year. Sales amounted to THB 16.390 bn (EUR 429 mio). New openings offset the impact of weakening private consumption, according to the quarterly report in which the company analyses Thailand's economic situation as follows: 'Private consumption and demand weakened in the third quarter of 2023 compared to the second quarter, due to the protracted delay in forming a new government after the elections and subsequent unclear announcements regarding potential economic stimulus. In addition, consumers remained concerned about the rising cost of living, i.e. an increasing interest burden and price increases on consumer goods, which reduced consumers' purchasing power. Also, the third quarter coincides with the rainy season, which is usually the off-season for retail."

Growth had been higher in the first two quarters. For January to September, HomePro reported a 7.14 per cent increase in sales to THB 51.403 bn (EUR 1.345 bn).