Thai consumer confidence slides to 12-year low on prolonged unrest

BANGKOK, March 6 (Reuters): Thailand's consumer confidence tumbled to a 12-year low in February, a survey showed on Thursday, highlighting the toll that prolonged political unrest is taking on Southeast Asia's second-biggest economy.
The economy has been nicknamed "Teflon Thailand" for its past resilience to turbulence, but consumer sentiment was weaker last month than it had been even after the devastating floods of late 2011, violent political unrest in 2010 and a deadly tsunami in late 2004.
After months of protests aimed at ousting Prime Minister Yingluck Shinawatra, Thais have become reluctant to spend and tourists are staying away, weighing on sales at automakers, property firms and hotels. The downward trend in spending is seen continuing in the coming months.
"People are worried about weaker purchasing power, smaller income and fewer new jobs. Consumption is likely to remain subdued until late in the second quarter," said Thanavath Phonvichai, an economics professor at the University of the Thai Chamber of Commerce (UTCC), which conducted the survey.