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City's consumer confidence hits 2-year low
October 10, 2011, Monday
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SHANGHAI'S consumer confidence in the third quarter this year fell into pessimistic territory -- the first time since 2009 -- on high inflation, a weak stock market and tightening policy concern, a survey showed today.
The consumer confidence index dropped to 99 between July and September, down 7.7 points from a year ago, Shanghai University of Finance and Economics said today, quoting a quarterly index on consumer trends in Shanghai.
A reading above 100 means consumers are positive about the economy, while a reading below 100 reveals negative sentiments.
Xu Guoxiang, the research program leader and a professor at the university's Applied Statistics Research Center, cited high inflationary pressures, rising raw material costs and a weak stock market as the reasons behind consumers' negative sentiments.
Last month, a survey by the Shanghai Statistics Bureau showed food prices, including those of staples, meat and edible oil, remained the top concern for the city's residents.
The investor confidence index fell 3.34 points from three months ago to 110.02 to remain in a positive range despite relatively tight domestic macroeconomic policies and slower industrial output.
The consumer confidence index dropped to 99 between July and September, down 7.7 points from a year ago, Shanghai University of Finance and Economics said today, quoting a quarterly index on consumer trends in Shanghai.
A reading above 100 means consumers are positive about the economy, while a reading below 100 reveals negative sentiments.
Xu Guoxiang, the research program leader and a professor at the university's Applied Statistics Research Center, cited high inflationary pressures, rising raw material costs and a weak stock market as the reasons behind consumers' negative sentiments.
Last month, a survey by the Shanghai Statistics Bureau showed food prices, including those of staples, meat and edible oil, remained the top concern for the city's residents.
The investor confidence index fell 3.34 points from three months ago to 110.02 to remain in a positive range despite relatively tight domestic macroeconomic policies and slower industrial output.
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