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Consumer confidence grows
By Wang Yanlin |
July 8, 2009, Wednesday
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Print Edition
Print Edition
SHANGHAI'S consumer confidence in the second quarter expanded into positive territory after two quarters in the negative, reflecting the improving economic situation in the city, a report said yesterday.
The Shanghai Consumer Confidence Index hit 111.2 points in the second quarter, up 12.3 points from the previous quarter, said the report released quarterly by the Shanghai University of Finance and Economics.
The index settled at 98.9 points in the first quarter and 94.1 points in the last quarter of last year - the only two quarters the index had been below 100 since the research was launched in the second quarter of 2007.
An index reading above 100 points indicates consumers are positive about the economy while below 100 points indicates the opposite.
"The big rise in the index comes as a result of the stimulus measures gaining traction. The city's macro-economy has shown positive signs which lifts consumer confidence," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center.
As an index reflecting future trends, it implied that Shanghai's economy had touched bottom in the first quarter, Xu said.
Shanghai's economic growth tailed off to 3.1 percent in the first quarter after posting a 9.7 percent gain in 2008, its first single-digit growth in 17 years.
Shanghai consumers showed more willingness to buy durables such as homes and vehicles in the second quarter. People who considered it a good time to buy homes reached the highest level since the research started. Its index climbed 10.8 points from a quarter earlier to 66.6 points in the second quarter.
However, the index measuring people's willingness to buy homes in the next six months dropped 2.2 points from the previous quarter to 75.4 points. "It reflects the fluctuation of home prices that can easily affect the sentiment of home buyers," Xu said.
Shanghai's property market saw a short period of price cutting in the first quarter which stimulated the enthusiasm of potential buyers. But the prices have recovered in recent months due to the booming demand.
People who thought it a good time to buy a car also hit an all-time high with the index rising 12.8 points from the previous quarter to 100 points.
This was partly because the government reduced sales tax on smaller cars and provided subsidies to encourage people to upgrade their older, less environmentally-friendly ones.
More than 1,000 consumers aged 20 to 69 were interviewed about their attitude toward the city's economic prospects, their income and their investment and purchasing intentions for the survey report.
The Shanghai Consumer Confidence Index hit 111.2 points in the second quarter, up 12.3 points from the previous quarter, said the report released quarterly by the Shanghai University of Finance and Economics.
The index settled at 98.9 points in the first quarter and 94.1 points in the last quarter of last year - the only two quarters the index had been below 100 since the research was launched in the second quarter of 2007.
An index reading above 100 points indicates consumers are positive about the economy while below 100 points indicates the opposite.
"The big rise in the index comes as a result of the stimulus measures gaining traction. The city's macro-economy has shown positive signs which lifts consumer confidence," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center.
As an index reflecting future trends, it implied that Shanghai's economy had touched bottom in the first quarter, Xu said.
Shanghai's economic growth tailed off to 3.1 percent in the first quarter after posting a 9.7 percent gain in 2008, its first single-digit growth in 17 years.
Shanghai consumers showed more willingness to buy durables such as homes and vehicles in the second quarter. People who considered it a good time to buy homes reached the highest level since the research started. Its index climbed 10.8 points from a quarter earlier to 66.6 points in the second quarter.
However, the index measuring people's willingness to buy homes in the next six months dropped 2.2 points from the previous quarter to 75.4 points. "It reflects the fluctuation of home prices that can easily affect the sentiment of home buyers," Xu said.
Shanghai's property market saw a short period of price cutting in the first quarter which stimulated the enthusiasm of potential buyers. But the prices have recovered in recent months due to the booming demand.
People who thought it a good time to buy a car also hit an all-time high with the index rising 12.8 points from the previous quarter to 100 points.
This was partly because the government reduced sales tax on smaller cars and provided subsidies to encourage people to upgrade their older, less environmentally-friendly ones.
More than 1,000 consumers aged 20 to 69 were interviewed about their attitude toward the city's economic prospects, their income and their investment and purchasing intentions for the survey report.
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