Krungsri forecasts 3% Thai credit card growth, Japan travel leads
Krungsri Consumer expects spending via its credit cards to rise 2-3% in 2026, driven by persistent demand for overseas trips, particularly to Japan, despite broader uncertainties.
Thai Consumers Prioritise Overseas Travel
Thai consumers are continuing to prioritise international travel, even amid global uncertainties, according to Krungsri Consumer. This trend sees individuals reducing other discretionary expenditures, such as on dining, fashion, and luxury goods, to fund their trips abroad.
Atit Tawarihchuprat, head of Krungsri Consumer, the unsecured lending division of Bank of Ayudhya, noted that upper-income cardholders recently slowed their spending due to domestic flooding and the conflict in the Middle East.
Despite this, overall spending via Krungsri credit cards increased 1% year-to-date, supported by stronger stock market returns and growth in artificial intelligence (AI) related investments.
Asia Dominates Travel Destinations
Krungsri Consumer observed a shift among overseas travellers towards shorter-haul international trips, with Asian destinations becoming primary choices. Japan, South Korea, and China are key destinations for Thai outbound travellers. For Krungsri cardholders specifically, Japan accounted for 25% of all overseas credit card spending.
Spending in Japan by Krungsri cardholders reached 1.2 billion baht from January to August this year, representing a 7% year-on-year increase. Other top spending destinations for Krungsri cardholders include the US, UK, China, and Hong Kong.
Krungsri, JCB Expand Partnership
To build on the strong interest in Japanese travel, Krungsri Consumer has partnered with JCB International, a Japan-based payment services provider. This collaboration introduces the Krungsri JCB Ultimate Credit Card, specifically designed for Thai consumers who appreciate the Japanese lifestyle.
Masaka Yokawa, President and CEO of JCB International, stated that Thailand is a critical JCB market in Southeast Asia. Through this partnership, Krungsri Consumer aims to issue 20,000 new cards and generate 1.5 billion baht in total spending by 2027.
Krungsri Consumer projects a 2-3% growth in overall credit card spending for the full year 2026. This forecast relies on the continuation of positive spending trends and a limited impact from recent floods on consumer purchasing power.
The company will continue to assess the effects of both domestic and international factors, including increased fuel prices driven by the Middle East conflict, on consumer behaviour.
The sustained demand for international travel, particularly within Asia, suggests continued support for regional hospitality and retail sectors catering to Thai tourists, driving spending flows across the region.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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