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Consumer sentiment declines to lowest level in 6 months
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China's consumer sentiment fell in February to its lowest level in six months, led by a decline in optimism over personal finances, a private report showed.
The monthly measure of consumer sentiment in China declined to 91.5 last month from 95.1 in January, the lowest reading since August 2013, Market News International, a unit of Deutsche Boerse Group, said in a report today.
The sub-index measuring the current personal financial conditions fell 4.8 percent on the month and posted the lowest reading since last September, partially due to the recent concerns about the shadow banking system and the default of wealth management products.
“Chinese consumers seemingly underwent a reality check in February as sentiment fell to the lowest for six months,” said Philip Uglow, chief economist of MNI Indicators.
“It's too early to tell if this latest fall is the start of a new downward trend, but weaker growth and concerns over the financial sector are weighing down on confidence.”
The indicator measuring current business conditions fell 1.4 percent on the month in February, while the employment outlook indicator fell for the second consecutive month, down from the one-and-half-year high seen in December.
In spite of the latest fall in sentiment, the real estate investment indicator rose to its highest since June 2012. Also, the car purchase indicator increased as more consumers see the next 12 months as a good time to buy a car.
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