Chinese consumers see confidence rise
Print Edition
AN improved outlook for business conditions and rising confidence in the real estate market were the tonic to rally Chinese consumer confidence in December, according to a latest report.
The Westpac MNI China Consumer Sentiment Indicator rose to 112.4 points in December from 111 points a month earlier, the first increase since July, the Australian bank and the German financial news company Market News International said in a joint report yesterday.
But for 2014, the index was down 10 percent.
Consumer outlook for business conditions over one year and five years as well as household finances all improved in December.
The index for current personal finances rose to 103 points in December from 101.8 points in November.
Consumers were also upbeat about spending on dining and entertainment.
“The improvement in sentiment over the past two months provides some hope that the worst could be behind us although sentiment remains relatively weak,” Philip Uglow, chief economist of MNI Indicators, said in the report.
Consumer attitude toward real estate rose, up for a second month in December.
The report said 16.8 percent of respondents chose real estate as the “wisest place for savings,” as they took advantage of easing mortgage policies by local governments and the central bank’s cut in interest rates announced in November.
The survey covered 1,000 people aged from 18 to 64 years old across 30 cities.
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