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Consumer confidence lowest in 3 quarters
By Wang Yanlin |
July 8, 2013, Monday
|
Online Edition
Online Edition
CONSUMER confidence in Shanghai dropped to the lowest in three quarters during the second quarter, a survey showed today, citing the weaker domestic economy, fewer job opportunities and sharp falls in the stock market as reasons for the downturn in people's sentiments.
The Index of Consumer Confidence lost 1.8 points to 103.2 in the three months ending in June, a study conducted by Shanghai University of Finance and Economics showed.
A reading above 100 points to optimism, and the latest figure retreated from 106.8 in the first quarter and 107.5 in the previous one, indicating a continued loss of confidence among Shanghai consumers, the survey said.
Xu Guoxiang, director of the university's Applied Statistics Research Center, said most component indices decreased and urged more efforts to stabilize the economy.
"The only sub-index that has a notable increase is the willingness to buy vehicles," Xu said. "People show less confidence in the domestic economy, which has a huge impact on their willingness to spend."
The Index of Consumer Confidence lost 1.8 points to 103.2 in the three months ending in June, a study conducted by Shanghai University of Finance and Economics showed.
A reading above 100 points to optimism, and the latest figure retreated from 106.8 in the first quarter and 107.5 in the previous one, indicating a continued loss of confidence among Shanghai consumers, the survey said.
Xu Guoxiang, director of the university's Applied Statistics Research Center, said most component indices decreased and urged more efforts to stabilize the economy.
"The only sub-index that has a notable increase is the willingness to buy vehicles," Xu said. "People show less confidence in the domestic economy, which has a huge impact on their willingness to spend."
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