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Chinese consumer confidence drops to 3-year low, survey shows
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CHINA’S consumer sentiment tumbled and hit a three-year low in October as consumers further downgraded views on employment, housing market and the state of personal finances, a private report showed today.
The Westpac MNI China Consumer Sentiment Index fell 2 percent month on month to 110.9 in October from 113.2 in September, the Australian bank and the German financial news company Market News International said in a joint report.
The drop leaves sentiment barely above the record low level of 110.8 seen in September 2011 and down 8.9 percent since the start of the year. While China’s third quarter GDP came in slightly above the market expectation at 7.3 percent, it was the lowest in five years, a slowdown that was correctly presaged by this survey, said the report.
Economists expect more selective easing to bolster the slowing economy.
“While the Chinese authorities have been at pains to emphasize the stability in the labor market, the weakness in our employment component tells a different story and is a growing source of concern.” said Philip Uglow, chief economist of MNI Indicators.
“With consumer confidence close to record lows it suggests the authorities will maintain their attempts to underpin growth via continued selective easing,” he added.
Westpac’s senior international economist Huw McKay said: “The Q3 GDP data highlighted that growth is currently dependent upon exports, with domestic demand extremely subdued. Consistent with that, this survey has been reporting a lack of confidence in the household sector since late in the June quarter. As a consequence we continue to argue that a further easing of the policy stance is warranted, notwithstanding the nationwide housing package delivered on September 30. The survey detail argues that a mix of sector specific and macroeconomic measures will be required before the housing market returns to a durable growth trajectory.”
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