China consumer sentiment falls to 18-month low

By Hu Xiaocen | August 2, 2013, Friday |

Online Edition

Chinese consumer sentiment fell sharply last month to the lowest level in 18 months, as confidence in household finances and business conditions dropped, a private report showed today.

The overall monthly measure of China’s consumer confidence dropped to 87.8 in July from 97.3 in June, Market News International, a unit of Deutsche Boerse Group, said in a report.

“It seems like reality set in for consumers in July following what looked like an inexplicable rise in June,” said Philip Uglow, chief economist at MNI. “Confidence tanked across the board as worries about household finances, employment and prices all came to a head.”

There was a growing sense of economic gloom last month following a run of poor economic data, a sharp drop in the stock market and a perception that the government was unlikely to step in to prop up the economy. All these appeared to hit confidence and heightened fears about future employment and personal finances.

The decline in confidence was widespread across all regions. Among the three major cities of Beijing, Shanghai and Guangzhou, the capital bore the brunt of the downturn, said MNI.

Sentiment for current conditions fell to the lowest level in 18 months, while expectations for business conditions in one year fell to a record low.

Employment situation is expected to worsen in the next 12 months, according a sub-index.

The only area where confidence rose was the housing market as consumers continued to believe the housing market will remain buoyant.

Business Economy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

China consumer sentiment falls to 18-month low

Email this to your friend