Thailand Retail: 2Q26 SSSG Highlights Uneven Impact of Consumption Measures

研报英文原文证据摘录

Thailand Retail: 2Q26 SSSG Highlights Uneven Impact of Consumption Measures

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10 Jul 2026 07:43:35 ET │ 15 pages

Thailand Retail

2Q26 SSSG Highlights Uneven Impact of Consumption Measures

CITI’S TAKE

2Q26 SSSG trends were mixed across retail formats, reflecting varying

degrees of disruption from the government’s consumption support

program. CPALL and CRC are expected to deliver modest positive SSSG of

+1–2% (Fig3-4) supported by stronger tourist-driven traffic and mobility.

While the June stimulus measures improved consumer confidence, the Preenapa DetchsriAC

benefits were largely concentrated in essential spending categories. Retail +66-2-079-3609

conditions remain uneven with mass-market formats facing softer preenapa.detchsri@citi.com

demand and spending leakage toward subsidized channels. Looking

ahead, we estimate the full-quarter impact of the program could impact

SSSG around -1 % for retailers with high exposure to food categories.

Thai helps Thai plus; Limited benefit for modern trade – The Thai Helps Thai Plus

program generated Bt42.8bn of spending in its first month, but around 76% was

directed toward restaurants, food delivery, and Blue Flag stores, suggesting the

scheme is primarily supporting daily consumption rather than modern retail

channels. Based on the current run rate, we estimate total campaign spending could

reach Bt171bn (including both government subsidies and consumer contributions) or

c.1% of Thailand’s GDP. Based on retailers feedback, Lotus’s, Big C, 7-Eleven, and

Tops experienced softer SSSG during the first two weeks of June, although trends

improved modestly in the latter half of the month. Looking ahead to 3Q26, we expect

formats with high exposure to food categories to face greater SSSG pressure. CPALL,