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Consumer confidence rises for fifth month to highest since June 2012
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CHINA’S consumer confidence rose for five straight months as of December amid increasing optimism over future personal finances, a private report showed.
The monthly measure of consumer sentiment in China hit 97.5 in December, the highest since June 2012, according to Market News International (MNI), a unit of Deutsche Boerse Group, in a report today.
“Having hit a near two-year low in July, consumer confidence has rebounded sharply over the past five months, as economic growth has picked up,” said Philip Uglow, chief economist of MNI Indicators.
“Optimism following the recent third plenum announcements has helped to propel sentiment to the highest level since June 2012 as consumers hope that the reforms will bring them future benefits,” he added.
More respondents expected the employment situation to improve over the coming 12 months. The sub-index that measures employment conditions hit its highest level in a year and a half. Additionally an increased proportion of respondents said business conditions compared with a year earlier improved, with the current business conditions indicator rising to the highest since June 2012.
In spite of the rise in overall confidence, optimism about future house prices fell sharply to the lowest level since June, while consumers were the least willing to purchase a car since July.
The conclusions were based on over 1,000 interviews conducted last month in 30 cities across the country, according to MNI.
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