Chinese consumers become less confident in May

By Ding Yining | May 24, 2016, Tuesday |

Online Edition

Chinese consumer sentiment declined in May, eroding further the significant gain seen in March, as consumers turned more risk averse.

The Westpac MNI China Consumer Sentiment Indicator fell 3.1 percent to 114.2 from 117.8 in April, according to the survey released today by Market News International, a Deutsche Boerse Group unit.

The indicators for both current personal finances and expectations for personal finances fell in May after upbeat reading in February and March, while assessment for their household finances, as well as outlook on business conditions also deteriorated.

Uncertainty over family income led respondents to more risk-averse investment, with as many as 56.7 percent of them nominating bank deposits as the wisest place for savings.

With the latest official data showing a continuing slowdown in industrial output, consumers tempered their assessment of the business environment as the one-year outlook indicator for business conditions fell 3 percent to 115.7 while five-year outlook down 0.4 percent to 134.1.

"The latest results saw consumers turning significantly more risk averse, underlining how worried many are about their current and future financial situation," Chief Economist of MNI Indicators Philip Uglow said.

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Chinese consumers become less confident in May

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