Beer posted a slightly lower decline in total volume terms in 2015 compared to the performance in 2014. While Thailand’s GDP growth managed to improve to 2.8% in 2015 through government spending, the high household debt to GDP ratio at nearly 90% continued to negatively impact consumers’ economic confidence. The lack of confidence resulted in consumers spending cautiously and cutting back on unnecessary expenditure, including through on-trade outlets, which directly affected the performance of beer.