Consumer mood plummets to new low

By Wang Yanlin | February 23, 2011, Wednesday |

Online Edition

Chinese consumer confidence fell in the final quarter of 2010 to the lowest level since 2009 on concerns of rising inflation, alarming policymakers who wish more domestic consumption can drive China's future growth.

The index, compiled by the China Economic Monitoring Center under the National Bureau of Statistics and the Nielson Co, stood at 100, down from 104 three months earlier and 109 in the second quarter of last year, according to the survey released today.

Confidence in rural areas was kept steady but people in cities reported much less confidence because of surging consumer prices -- food costs in particular, the survey said.

Stubbornly high housing prices and tightening monetary policies were also curbing people's will to spend, it said.

Pan Jiancheng, deputy director at the center, said Chinese consumers' confidence may pick up again when inflationary expectation is put under control after various measures take effect.

"Domestic consumption did not show an apparent slowdown in recent months," Pan said. "Robust spending in the past Spring Festival holiday indicated people's dropping confidence was mostly out of worries for the future and has not affected their spending behaviors."

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

Consumer mood plummets to new low

Email this to your friend