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July 8, 2020

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Consumer confidence recovers in Shanghai

By Huang Yixuan | 00:05 UTC+8 July 8, 2020 | Print Edition

Shanghai’s consumer confidence rebounded in the second quarter with the COVID-19 situation generally under control, according to a survey released yesterday.

The Shanghai University of Finance and Economics’ quarterly Consumer Confidence in Shanghai index rallied by 2.9 points from the first quarter to 120.2 points for this year’s April-June period.

The university’s Index of Investor Confidence, meanwhile, rose to 115.49 points, 1.47 points higher than in the previous quarter.

For both indexes, a reading above 100 signifies optimism, below indicates pessimism.

The pickup in consumer confidence was mainly attributed to the city’s efforts to fight COVID-19 and promote economic recovery, said Xu Guoxiang, director of the university’s Applied Statistics Research Center.

Businesses have resumed operations in general and people have also returned to normal life, which has bolstered consumer confidence and the economy, Xu said.

A sub-index of purchase intentions soared 12.3 points from the previous quarter to hit a record 106.1 points, 24.1 points higher than the same period last year.

The index of home-buying intentions advanced 8.2 points from the first quarter to 80.3 points, a year-on-year surge of 10.9 points.

The intention to buy cars, meanwhile, jumped to a record 110.9 points, compared with 100.5 points in the previous quarter and 29 points more than in the same period last year, indicating that consumers are optimistic about the domestic economy.

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